Market Clubhouse Morning Memo - September 3rd, 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

The SPY is currently positioned near our key level of 560.83. For the bulls, a move higher towards 561.90 is what we're looking for to gauge strength. Should buyers manage to maintain control above this level, we anticipate a rise towards our next support level at 563.23. If this area holds firm during regular trading hours, it could set the stage for a further advance to 564.29. The high bull target for today stands at 565.38.

On the flip side, if 560.83 fails to act as support, the bears may take the reins and push the price down to test 559.75. Should selling pressure intensify, a further drop towards 558.32 could be in play. Continued bearish momentum could see a deeper decline to 557.44. If the session turns sharply negative, our low bear target for SPY today is set at 556.27.

Invesco QQQ Trust Series 1

The QQQ is currently hovering around our critical level of 474.66. For bullish traders, the focus will be on seeing buyers defend this level and push the price up towards 476.85. If buying activity remains strong, we could see an advance to the 479.03 level. Sustained bullish momentum might drive the price even higher, with the next target being 481.73. The high bull target for the day is positioned at 483.95.

However, if 474.66 proves to be weak support and fails to hold, the bears may capitalize on this and drive the price lower towards 471.33. Should selling pressure continue, a test of 469.27 could be expected. If the downward trend persists, we might see the price move further down to 467.60. Our low bear target for QQQ today is set at 465.93, should the bearish forces dominate.

Apple Inc.

Apple is currently trading around our level of 227.82. Bulls will be watching to see if this level can serve as a solid support base. If it does, a push towards 229.03 is likely. Continued buying strength could propel the price to 230.25. If the bulls manage to maintain control throughout the session, we could see Apple reach our high bull target for the day at 231.76.

If, however, 227.82 fails to hold as support, bears may drive the price lower, initially targeting 226.90. Persistent selling could lead to a decline towards 226.08. Should the bearish momentum continue, the price may drop further to 225.31. The low bear target for Apple today is set at 223.87, reflecting a potential sharp sell-off.

Microsoft Corp.

Microsoft is currently around our important level of 416.32. For the bulls, the key is to hold this level and push higher towards 417.25. If this level holds as support, it could pave the way for a rally towards 419.17. Sustained buying pressure may see the price reaching our high bull target for the day at 420.26.

If 416.32 does not hold, bears might push the price down to test the 414.56 level. If selling intensifies, the next level to watch is 413.14. A continued downward move could see the price fall to 411.72. Our low bear target for Microsoft today is at 410.64, which would mark a significant downturn.

NVIDIA Corporation

NVIDIA is currently trading near our key level of 116.61. For the bulls, the goal is to push the price up to 117.86 and secure it as a new support level. If successful, we could see a move up to 119.44. Continued buying interest might drive the price even higher, with a potential rally to 120.27. The high bull target for NVIDIA today is set at 121.97.

On the downside, if 116.61 fails to hold, bears may test the lower level of 115.83. If this level is breached, the next target could be 115.15. Continued bearish pressure might drive the price further down to 114.29. Should the selling continue, the low bear target for NVIDIA today is at 113.68.

Alphabet Inc Class A

Alphabet is currently positioned around our key level of 161.79. Bulls will be looking for this level to act as strong support and drive the price higher towards 163.79. If buying momentum persists, we could see the price advance to our high bull target of 165.41.

However, if 161.79 fails to hold as support, bears might step in and push the price down towards 160.36. A breakdown of this level could lead to a further decline to 158.54. If selling pressure remains strong, the price may drop to our low bear target for Alphabet today at 157.41.

Meta Platforms Inc

Meta is currently auctioning around 515.39. For bullish traders, a move up towards 520.27 will be critical, especially if this level can hold as support. If the buying momentum continues, we might see an advance to 526.29. A strong uptrend could see the price rally further to 531.03. The high bull target for Meta today is at 534.33.

On the other hand, if 515.39 doesn't hold, the bears may take over, driving the price down to 512.85. Should the selling continue, we might see a test of 508.25. A breakdown of this level could lead to a further decline to 504.54, which is our low bear target for Meta today.

Tesla Inc.

Tesla is currently trading near our key level of 213.88. Bulls will aim for a move up towards 216.31. If the price holds at this level, we could see a rally towards 217.78. Should the market exhibit strong bullish tendencies today, Tesla might test higher levels at 219.39, with the high bull target for the day set at 220.65.

If 213.88 doesn't hold as support, bears may push the price lower to test 211.53. Continued selling pressure could drive the price down to 209.51. If this level is breached, the low bear target for Tesla today is set at 206.71, indicating a potential sharp decline.

Final Word: As we kick off this shortened trading week, today's session is packed with crucial data that could significantly influence market movements. Starting at 9:45 AM ET, we have the final S&P Global Manufacturing PMI for August, which will provide insights into the manufacturing sector's health. Shortly after, at 10:00 AM ET, we'll get the ISM Manufacturing, Prices Paid, New Orders, and Employment numbers for August. These reports are vital for gauging the broader economic outlook, particularly regarding inflation and employment trends.

Additionally, at 1:00 PM ET, the Treasury will conduct a 52-week Bill Auction, which could have implications for interest rates and broader market sentiment. Given the array of data releases, traders should be prepared for heightened volatility. It's crucial to stay alert, manage your positions carefully, and be ready to react to any market-moving news. Today presents an opportunity for strategic trading, but it also demands caution. Trade safely 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.