Market Clubhouse Morning Memo - August 20th, 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 near our key level of 559.75. For a bullish scenario, we want to see a move higher toward 560.83. If buyers can maintain momentum above 560.83, we anticipate a potential rise to our support level at 561.90. A successful hold above 561.90 during regular trading hours could drive the price towards 563.23, with the high bull target for the day set at 564.29.

Should 559.75 fail to act as support, we expect bears to challenge the 558.32 level. A break below 558.32 could lead to further downside pressure towards 557.44. If the selling intensifies and breaks 557.44, we look for support at 556.27. In a strong bearish scenario, our low bear target for the session is 555.11.

Invesco QQQ Trust Series 1

QQQ is currently auctioning around our critical level of 481.73. For bulls, maintaining support above 481.73 is essential. Should the price hold, we expect a move toward 483.95, where we anticipate strong buying interest. Continued bullish action could drive the price to 486.10, with the potential for further gains pushing the price up to 487.69. The high bull target for today stands at 490.05.

If the price struggles to hold above 481.73 during regular trading hours, bears may take control, aiming to push the price down to 479.03. A break below this level could see sellers targeting 476.85. Continued weakness might lead to a test of 474.66, with the low bear target for the day set at 471.33.

Apple Inc.

Apple is currently hovering around our key level of 225.31. For a bullish outlook, we want to see the price hold above this level and push higher to 226.08. If buyers can sustain momentum above 226.08, we expect a move toward 226.90. Continued strength could see the price targeting our high bull level of 227.82 by the end of the session.

If 225.31 fails to hold as support, we anticipate a decline toward 223.87. Should selling pressure continue, bears could push the price down to 222.96. A break below this level might see further downside, targeting 222.24, with the low bear target for the day set at 221.66.

Microsoft Corp.

Microsoft is currently trading near our critical level of 422.84. For a bullish scenario, we need to see the price hold above this level and rally towards 423.81. If 423.81 is reclaimed and held as support, we could see the price move up to 425.16, with further buying pressure pushing the price to our high bull target of 426.00.

If 422.84 fails to act as a support level during the session, bears might push the price down to 421.62. A break below 421.62 could open the door for a test of 420.26. Should selling continue, we anticipate further downside towards 419.17, with the low bear target for the day at 417.25.

NVIDIA Corporation

NVIDIA is currently positioned around our critical level of 129.53. For a bullish outlook, we want to see the price push up to 131.42 and reclaim it as a strong area of support. If buyers can maintain momentum, the price could advance to 132.19. Continued buying strength may lead to a rally up to 133.31, with the high bull target for the day set at 134.56.

If 129.53 fails to hold as support, bears are likely to test lower at 128.10. A break below 128.10 could lead to further downside pressure, bringing the price down to 126.84. If the auction continues to weaken, we anticipate a test of 125.21, with the low bear target for the session at 123.41.

Alphabet Inc Class A

Alphabet is currently trading near our key level of 167.04. For bulls, it's important to see 167.04 hold as support, with an upward move targeting 169.34. If buyers can maintain momentum, we expect the price to rise towards our high bull target of 171.14, signaling a strong session for Alphabet.

Should 167.04 fail to act as support, we expect bears to drive the price down to 165.41. A break below 165.41 could see sellers push the price towards 163.79. If selling pressure continues, the auction could drop further to our low bear target of 161.79.

Meta Platforms Inc

META Meta is currently trading around our crucial level of 526.29. Bulls need to maintain support above this level for a potential move higher to 531.03. If buyers can hold the price above 531.03, we expect a continuation of the bullish momentum, with the price possibly reaching 534.33. A strong uptrend could drive Meta to our high bull target of 537.68.

If 526.29 fails to hold as support, bears are likely to push the price down towards 520.27. Continued selling pressure could lead to a decline to 515.39. A break below 515.39 might result in further downside, with the low bear target for Meta set at 512.85.

Tesla Inc.

Tesla is currently auctioning near our key level of 223.98. For a bullish move, we want to see the price push higher towards 226.53. If buying momentum continues, we expect the price to test the 228.45 level. Should the broader market support a bullish rally, Tesla could test higher levels at 230.65, with the high bull target for the day set at 233.49.

If 223.98 does not hold as support, bears may push the price lower towards 222.19. A break below 222.19 could bring 220.65 into play. If this level fails, we anticipate further downside pressure, with the low bear target for the day at 219.39.

Final Word: Today's trading session kicks off with the release of Canadian CPI data for July at 8:30 AM ET, providing early insights into inflation trends. Later in the day, at 11:00 AM ET, the Treasury will announce its Buyback program, which could influence market liquidity. Additionally, at 1:35 PM ET, we'll hear from Federal Reserve voting member Raphael Bostic, whose comments could offer critical clues on the central bank's policy direction. Given the potential for significant market movement, traders should stay vigilant and be prepared for rapid shifts in price action. Make sure to manage risk carefully and adjust your strategies as needed. Good luck, and trade safely!

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.