Market Clubhouse Morning Memo - September 4th, 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 hovering around the 549.67 mark. For a bullish scenario, we’d like to see the price climb past 550.45. If it manages to hold above this level, buyers may target a push up to the next resistance level of 551.33. Sustained strength above 551.33 could pave the way for a move toward 552.50. Should momentum continue to favor the bulls, we might see SPY reaching its high target for the day at 553.66.

If the 549.67 support fails, the bears could look to bring the price down to 549.00. If sellers maintain control, they may aim to test the waters lower at 548.13. A break below this level could bring about further downside action toward 547.56. In a bearish scenario with significant selling pressure, the low bear target for the day sits at 546.46.

Invesco QQQ Trust Series 1

QQQ is currently trading around our key level of 458.83. A bullish path requires buyers to hold this level, and if it remains firm, the next level to watch is 460.55 as potential support. If the auction holds strong, bulls could push the price further toward 462.14. In a continued uptrend, buyers might target 463.56, with 465.93 acting as the high bull target for the session.

Should 458.83 break during today’s auction, we expect bears to gain momentum and drive the price lower to 457.55. Further selling pressure may lead to a test of 456.23, and if weakness persists, the next downside target is 455.29. If the bears dominate, we could see QQQ trading down to its low bear target of 454.10.

Apple Inc.

Apple is auctioning near the 220.97 level, where bulls need to hold this line for a possible rally. A sustained move higher could lead to 221.66 as the next target, with continued buying bringing 222.24 into focus. If Apple can maintain bullish momentum, we expect a potential push to our high bull target at 222.96.

On the downside, if 220.97 fails to hold, we might see Apple retrace to 220.29. Continued selling pressure could bring the price to 219.19. Should sellers continue to dominate, a move to 218.08 is likely. A significant bearish session could send the stock down to our low bear target at 216.70.

Microsoft Corp.

Microsoft is currently trading around 406.01. Bulls will want to hold above this level to see a rally toward 407.11, with the potential to secure this level as support during regular trading hours. A strong upside move may push the price further toward 408.46. Continued bullish strength could lead to Microsoft reaching the high bull target at 409.69.

If the 406.01 level doesn't hold, bears are likely to test 404.92. A break below this level could lead to further selling down to 402.74. Continued weakness may drive the price to 401.39, and in a deeply bearish session, the low target for the day is 400.30.

NVIDIA Corporation

NVIDIA is auctioning around the key level of 106.30, where bulls will aim to push the price toward 107.51 and hold this as a solid support area. If buying momentum continues, the next upside target is 109.12. In a strong bullish move, we might see a rally toward 109.86, with the high bull target for NVIDIA resting at 110.73.

On the downside, if 106.30 is lost, the bears will likely test 105.23. Continued selling pressure could bring the price down to 103.96. If weakness persists, 102.55 will be the next level to watch. A strong bearish session could send the stock down to 101.02, the low bear target for the day.

Alphabet Inc Class A

Alphabet is trading near 155.59, a key level where bulls will aim to maintain support. If buyers can push the price higher, 156.61 is the next level to watch for a potential breakout. Should bullish strength continue, we might see the price move toward 157.41, marking the high bull target for the day.

If 155.59 fails to hold as support, we could see a retracement to 154.95. Further selling pressure may bring the price down to 154.44. Should bears continue to dominate, the auction could reach our low target of 153.93.

Meta Platforms Inc

Meta is currently hovering around 508.25. A bullish breakout will need to hold this level and push higher to 512.85. If buying momentum continues, the next key level for Meta is 515.39. In an extended bullish move, Meta could test its high bull target for the day at 520.27.

On the downside, if 508.25 fails to hold, the bears could drag the price down to 504.54. Continued selling pressure would see a test of 500.83. If bears take control of the session, we could see Meta trading down to the low target of 498.03.

Tesla Inc.

Tesla is currently auctioning near 209.51, where bulls are looking for a push to 211.53. If buying momentum picks up, 213.88 could come into play. Continued bullish action could see Tesla testing the 216.31 level. Should buyers dominate the session, the high target for Tesla sits at 217.78.

If 209.51 fails as support, the bears could aim to push Tesla down to 206.71. Further downside pressure may lead to a test of 204.33. If sellers are strong, the price could drop to the low bear target for the day at 201.85.

Final Word: Today’s session is packed with key economic events that could drive significant market movement. The day begins with the release of the Trade Balance for July at 8:30 AM ET, followed by the Bank of Canada’s Interest Rate Decision at 9:45 AM ET. At 10:00 AM ET, we’ll see the JOLTS Job Openings report, Factory Orders, and updates on Durable Goods and Capital Goods Orders for July, all of which could impact the broader market.

Later in the day, at 11:00 AM ET, the Treasury Buyback Announcement will be closely monitored, and at 2:00 PM ET, the Fed’s Beige Book will provide insights into regional economic conditions. With a heavy lineup of market-moving data, traders should be cautious of potential volatility throughout the session. Being prepared for sudden shifts in market sentiment will be crucial to navigating today's price action. Keep risk management at the forefront and trade well. Best of luck, and stay safe!

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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