Market Clubhouse Morning Memo - September 5th, 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 551.33, which is our key level. For the bulls, a strong move above 552.50 is what we’re watching for. If the price holds above this level, buyers could push the price toward 553.66, a crucial resistance level. Should momentum remain, a break above 555.11 could materialize, with a high bull target at 556.27 for the day.

On the flip side, if SPY cannot maintain 551.33 as support, we anticipate the bears testing 550.45. A break below this would shift focus to 549.67. If selling pressure intensifies, the next area of support would be 549.00, with the low bear target for the day at 548.13.

Invesco QQQ Trust Series 1

QQQ is currently hovering around 460.55. For bulls to take control, we need to see buyers hold above 462.14, with a potential rally toward 463.56. If this level holds firm, the bullish momentum could extend to 465.93. A stronger-than-expected buying push could lead to testing 467.60, with the high bull target set at 469.27.

On the bearish side, failure to hold 460.55 could see QQQ revisiting 458.83. If sellers remain in control, the next support levels are 457.55 and 456.23. Should the bears push past this, the low bear target for today would be 455.29.

Apple Inc.

Apple is trading near 220.97, a key area for today. Bulls need to hold this level to keep control and aim for 221.66. A sustained rally could see price action move to 222.24, with further buying likely leading to a test of the high bull target at 222.96.

Should 220.97 fail as support, the bears may challenge 220.29. Continued selling pressure could drive the price lower to 219.19, with the next target at 218.08. If this breakdown persists, the low bear target for the day is 216.70.

Microsoft Corp.

Microsoft is currently sitting around 408.46. Bulls will need to keep the price above this level to aim for a move higher toward 409.69. If this level holds as support, we could see price action extend toward 410.64, with the high bull target for the day at 411.72 if the buying strength continues.

On the downside, if 408.46 fails to hold, expect a move toward 407.11. Further selling could test 406.01, with an eventual test at 404.92 if selling pressure remains consistent. The low bear target for Microsoft today is 402.74.

NVIDIA Corporation

NVIDIA is trading around 106.30, which serves as a key pivot for today. For bulls, maintaining 107.51 as support would signal strength, with potential upside to 109.12. Continued buying could drive the price toward 109.86, with the high bull target for the day set at 110.73.

If 106.30 breaks as support, bears will likely test 105.23. A failure here could lead to a further drop to 103.96. If selling intensifies, look for the price to hit 102.55, with the low bear target for the day resting at 101.02.

Alphabet Inc Class A

Alphabet is currently near 156.61. Bulls will want to see this level hold as support for a potential push toward 157.41. Should buying momentum strengthen, we could see a move up to 158.54, marking the high bull target for the session.

If 156.61 cannot hold, the bears could take over and drive the price lower to 155.59. A break below this could lead to a test of 154.95, with continued weakness bringing the price down to the low bear target of 154.44.

Meta Platforms Inc

Meta is currently trading around 512.85. Bulls need to keep the price above this level to maintain control and push higher to 515.39. Continued buying strength could see Meta test 520.27, with the high bull target on the day set at 526.29.

On the other hand, failure to hold 512.85 as support could invite selling pressure, with bears eyeing 508.25. If selling persists, the price could drop to 504.54, with the low bear target for the day at 500.83.

Tesla Inc.

Tesla is auctioning near 223.98. Bulls need to push the price up to 226.53 to keep the rally going. Continued buying could bring Tesla to 228.45, with further strength likely leading to a test at 230.65. If buyers remain in control, the high bull target for today is 233.49.

If Tesla fails to hold 223.98 as support, bears will likely test 222.19. A continued sell-off could drive the price lower to 220.65, and if selling pressure remains, the next target would be 219.39, which marks the low bear target for today.

Final Word: Today’s session is packed with pivotal economic data. At 8:30 AM ET, traders will be analyzing the Initial and Continuing Jobless Claims, providing insight into the state of the labor market. This will be followed by the Final S&P Global Services PMI at 9:45 AM ET, offering a glimpse into the broader health of the services sector.

At 10 AM ET, all eyes will turn to the ISM Services data for August. Given the significance of today’s economic releases, expect heightened volatility, particularly around these times. Market reactions will likely be sharp, making it crucial to stay nimble and adjust to sudden shifts. Trade carefully, manage your risk, and good luck navigating today's session!

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.