Market Clubhouse Morning Memo - August 19th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META And TSLA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.

Our proprietary formula, exclusive to Market Clubhouse, dictates these price levels. This dynamic equation takes into account price, volume, and options flow. These levels are updated every day and shared with all Clubhouse Members, prior to the opening of the market.

We recommend closely monitoring these stocks, and be prepared to leverage potential breakouts or reversals. As always, stay alert and ready to adjust your tactics based on the market's pulse to optimize your trading gains. Now, let's dive into the stock analysis:

SPDR S&P 500 ETF Trust

SPY is currently trading around the pivotal level of 553.66. For bullish momentum, we're watching for a push towards 555.11. If buyers can maintain strength above this level, the price could advance to the next resistance at 556.27. Holding above 556.27 during regular trading hours may trigger further buying interest, pushing SPY towards 557.44. Should the bullish trend continue, our target for the day would be 558.32.

On the downside, failure to hold 553.66 as support could lead to a test of 552.50. If selling pressure intensifies at this point, we expect a drop to 551.33. Breaking this level on heavy volume might see the price fall to 550.45. In a scenario of aggressive selling, our lower target for the day stands at 549.67.

Invesco QQQ Trust Series 1

QQQ is currently positioned around the critical level of 474.66. Bulls will aim to push the price above 476.85, establishing it as a support zone. If buyers succeed in maintaining this support, the price could rise to 479.03. Sustained buying pressure may lead to a challenge of the 481.73 level. A strong bullish session could see QQQ testing 483.95, with the high target for the day at 486.10.

Conversely, if 474.66 fails to hold, bears could gain control, driving the price down to 471.33. Continued weakness may see a further decline to 469.27. Should sellers dominate, the price could retreat to 467.60. If this support level gives way, we anticipate a move down to the day's low target of 465.93.

Apple Inc.

Apple is currently trading near the key level of 225.31. For a bullish scenario, we're looking for this level to be confirmed as support, which could then propel the price upwards to 226.08. If buying pressure persists, the next target would be 226.90. A strong rally might lead to Apple reaching our high target for the day at 227.82.

On the flip side, if 225.31 doesn't hold during the session, we expect a test of the lower level at 223.87. If bears remain in control, the price could fall further to 222.96. Continued selling pressure might drive the price down to 222.24. A break below this could see Apple heading towards the low target of 221.66.

Microsoft Corp.

Microsoft is currently around 417.25, a key level of interest. Bulls will be looking to maintain support above 419.17, potentially driving the price higher to 420.26. If 420.26 holds as support, we could see a move towards 421.62. Continued bullish action might target our high level for the day at 422.84.

Should 417.25 fail to hold, bearish momentum could lead to a decline towards 416.32. If this level is breached, further downside could target 414.56. With increased selling pressure, the price could dip to 413.14, with the low target for the day being 411.72.

NVIDIA Corporation

NVIDIA is currently hovering around 123.41. For a bullish outlook, we need to see the price push towards 125.21 and establish it as a support zone. A move above this level could lead to further gains, targeting 126.84. If buying momentum continues, the price could rise to 128.10, with a high target set at 129.53.

On the bearish side, failing to hold 123.41 may result in a drop to 121.97. If this level breaks down under selling pressure, we could see the price move to 120.27. Further weakness might lead to a test of 119.44. If selling accelerates, the low target for the day would be 117.86.

Alphabet Inc Class A

Alphabet is currently trading near 165.41. For bulls, holding this level as support could lead to a move up to 167.04. Continued bullish activity may drive the price towards our high target at 169.34, where we expect to see strong resistance.

However, if 165.41 fails to hold, bears may drive the price down to 163.79. Breaking below this level could see the price decline further to 161.79. Should selling pressure remain strong, the low target for the day is 160.36.

Meta Platforms Inc

Meta is trading close to the critical level of 526.29. Bulls will aim to maintain support here and push the price towards 531.03. A successful break above this level could drive the price higher to 534.33. Continued buying strength may result in Meta reaching our high target for the day at 537.68.

If 526.29 doesn't hold as support, bears might take control and push the price down to 520.27. Further selling pressure could lead to a decline towards 515.39. If this support level fails, the low target for the day would be 512.85.

Tesla Inc.

Tesla is currently positioned around 216.31. For the bulls, maintaining support here is crucial to drive the price up to 217.78. If buyers succeed, we could see Tesla advance to 219.39. A strong bullish move might push the price towards our high target for the day at 222.19.

On the downside, if 216.31 fails to hold, bears could drive the price down to 213.88. A break below this level might lead to a further decline to 211.53. If the selling continues, Tesla could fall to our low target of 209.51.

Final Word: Today's trading session is notably light on economic data, which could result in a more technical-driven market. At 10 AM ET, the Leading Index for July will be released, offering a broad overview of economic trends. Later in the day, at 11:30 AM ET, the results from the 3 and 6 Month Treasury Bill Auctions will be announced. These auctions can give insights into investor sentiment regarding short-term government debt.

Adding to the mix, we have Federal Reserve Governor Chris Waller speaking at 9:15 AM ET. As a voting member of the FOMC, his remarks could provide clues on the Fed’s future monetary policy stance, especially given the current economic climate. His speech might impact market sentiment, so it's crucial to stay alert for any headlines. Overall, while the day may seem quiet in terms of scheduled events, unexpected news or market reactions can still create volatility. Stay cautious, keep your head on a swivel, and good luck!

The Morning Memo is curated by RIPS, a pro trader with years of experience in equities, options, and futures trading. RIPS is at the heart of the exclusive Market Clubhouse community, offering his insights, expertise, and real-time mentorship.

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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.