Market Clubhouse Morning Memo - August 30th, 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 560.83. For a bullish scenario, we’d like to see the price push higher initially to 561.90. If the price action maintains strength above 561.90, we’re looking for buyers to drive the price up to our next target at 563.23. Should this level hold during regular trading hours, a further push could see the price testing 564.29. The highest bull target for SPY today is set at 565.38.

On the downside, if 560.83 fails to hold as support, we expect the bears to challenge the 559.75 level. Should sellers take control here, a move lower toward 558.32 is likely. A break below this point under significant selling pressure would lead to a test of the strong support at 557.44. If the selling intensifies, our lowest bear target for today is at 556.27.

Invesco QQQ Trust Series 1

QQQ is currently trading near our critical level of 474.66. For the bulls to gain momentum, we need to see buyers establish support above this level. If 474.66 holds firm, the next upside target is 476.85, which, if claimed, could pave the way for a move toward 479.03. Should the buying pressure continue, the price could rise further to test the 481.73 level. The highest bull target for QQQ today is positioned at 483.95.

Conversely, if 474.66 fails to act as support, the bears might push the price down to 471.33. If selling pressure persists, we could see a move toward the next support level at 469.27. A break below this could bring the price down to 467.60. Should the bearish momentum intensify, the low bear target for QQQ today is set at 465.93.

Apple Inc.

Apple is currently trading around the 230.25 level. For the bulls, maintaining support at this level is crucial. If 230.25 holds, we’re looking for the price to move higher toward 231.76. Continued buying could drive the price up to 233.28. If the bullish momentum remains strong, a push to our high bull target at 234.20 is possible.

If the 230.25 level fails to hold, we anticipate a test of the 229.03 support. Continued selling pressure could lead the price down to 227.82. If this level is broken, the next downside target is 226.90. Should the selling continue, the low bear target for the day is 226.08.

Microsoft Corp.

Microsoft is currently trading near our key level of 416.32. For the bulls, the goal is to maintain support above this level and push higher toward 417.25. If the price holds above 417.25 during regular trading hours, it could rally further to 419.17. Continued bullish activity might see the price reach our high bull target for the day at 420.26.

If the 416.32 level doesn’t hold, the bears may target the 414.56 level. If selling pressure continues, we could see a further decline toward 413.14. A break below this level would likely lead to a test of 411.72. Should the bearish momentum persist, the low bear target for Microsoft today is 410.64.

NVIDIA Corporation

NVIDIA is currently trading near our critical level of 119.44. For a bullish scenario, we need to see the price push higher to 120.27 and establish this as a new support. If the bulls can maintain control, we could see the price move up to 121.97. A strong rally could push the price further to 123.41, with the high bull target for NVIDIA today set at 125.21.

If the 119.44 level fails to hold, we’re likely to see the bears test the 117.86 level. Should sellers take control here, a move down to 116.61 is expected. Continued selling could bring the price down to 115.83. If the bearish momentum continues, the low bear target for NVIDIA today is at 115.15.

Alphabet Inc Class A

Alphabet is currently trading around our key level of 163.79. For the bulls, holding this level as support is crucial for a move higher. If 163.79 holds, we’re looking for the price to climb to 165.41. Continued bullish momentum could drive the price up to our high bull target for the day at 167.04.

On the other hand, if 163.79 fails to hold as support, we expect the bears to push the price down to 161.79. A break below this level could lead to a test of 160.36. If the selling pressure increases, the low bear target for Alphabet today is set at 158.54.

Meta Platforms Inc

Meta is currently trading near our key level of 520.27. For the bulls, holding above this level is essential. If 520.27 acts as a solid support, we could see the price move higher to 526.29. Continued buying could drive the price up to 531.03. If the bullish momentum remains strong, the high bull target for Meta today is set at 534.33.

If 520.27 fails to hold, the bears might push the price down to 515.39. If selling pressure persists, we could see a move toward the next support level at 512.85. A break below this could bring the price down to 508.25, which is the low bear target for Meta today.

Tesla Inc.

Tesla is currently trading around our key level of 209.51. For a bullish scenario, we’d like to see the price push higher to 211.53. If the buying continues, we could see a rally up to 213.88. Should the broader market rally today, Tesla might test the 216.31 level. If the buying pressure is strong, the high bull target for Tesla today is 217.78.

If 209.51 doesn’t hold, the bears might push the price down to 206.71. Continued selling could lead to a test of 204.33. If this level is breached, we expect the price to drop to our low bear target for the day at 201.85.

Final Word: As we approach the end of the week, today’s trading session is set to be particularly impactful, with a series of key economic data releases that could significantly influence market direction. The day begins with the release of the PCE Price Index for July at 8:30 AM ET, a critical measure of inflation that the Federal Reserve closely monitors. Alongside this, we’ll also see the Personal Income and Real Personal Spending figures for July, both of which provide insights into the consumer’s financial health and spending habits, key components in assessing the overall strength of the economy.

At 9:45 AM ET, the Chicago PMI for August will be released, offering an important gauge of manufacturing activity in one of the country’s major industrial hubs. This report will be scrutinized for any signs of economic slowdown or resilience within the manufacturing sector. Shortly after, at 10 AM ET, the market will turn its attention to the Final University of Michigan Sentiment reading for August. This report, along with the 1-Year and 5-10 Year Inflation outlook, will provide critical insights into consumer confidence and inflation expectations, which are vital for forecasting future economic conditions and potential Fed actions.

The significance of these reports cannot be overstated, as they will collectively offer a comprehensive view of the current economic landscape, influencing both short-term market sentiment and longer-term investment strategies. Given that today is the final trading session of August, we may see increased volatility as traders position themselves ahead of the new month. This could lead to sharp price movements, especially in response to unexpected data outcomes

Traders should approach today’s session with heightened caution, being mindful of the potential for rapid market shifts. It’s essential to stay nimble, manage risk effectively, and be prepared to adjust strategies on the fly. With multiple data points in play, the market could react in unpredictable ways, so maintaining a disciplined approach will be key to navigating the session successfully. Good luck, keep your head on a swivel, and Happy Friday!

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.