Market Clubhouse Morning Memo - July 17th, 2023 (Trade Strategy For SPY, QQQ, AAPL, NVDA, TSLA, AMD, And NFLX)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, NVDA, TSLA, AMD, and NFLX.

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 during our daily Morning Call, 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 SPY is showing a minor downtrend in Monday's premarket session but remains above our pivotal 447.94 level. A robust hold above this level could pave the way for SPY to reclaim 449.42, and thereafter challenge 450.23 and 451.01. A highly bullish market could even push it towards 452.55.

Conversely, if 447.94 faces a confident sell-off, we anticipate the bears aiming for 446.31, with a further potential drop to 445.08.

Invesco QQQ Trust Series 1

The Nasdaq 100's  special rebalance in a week could potentially affect the triple Q's QQQ trading. With the Q's hovering around our crucial 378.93 level, if they maintain strength today, we foresee an upward test to 380.41. With sufficient confidence, the bulls could raise the price to our key level of 382.93.

However, should the large-cap tech names show weakness and the 378.93 support falters, we expect a lower test at 377.58, and if large tech names are heavily sold off, the bears could aim for 375.18.

Apple Inc.

Apple AAPL is currently trading above our significant 191.25 level. If it maintains, we are looking at a 191.76 test, with further upside targets at 192.21 and 192.60.

If Apple can't sustain above 191.25, we predict a lower strength test at 190.33. A high presence of sellers could push the price down to 189.52.

NVIDIA Corporation

After NVIDIA's NVDA sharp sell-off on Friday, a slight bounce is noticeable in Monday's premarket trade, with its current position between 454.09 and 461.49. A strong buying presence could reclaim 461.49, pushing the bulls to test 464.95 and 470.17.

Alternatively, if 461.49 is rejected and 454.09 crumbles, we'd expect the bears to target our lower levels of 450.04 and 447.05.

Tesla Inc.

With Tesla's TSLA earnings due on Wednesday, July 19th after the bell, we may see a pre-earnings rally. Tesla is currently trading higher in Monday's premarket session, and if 286.34 holds today, we're aiming for upside targets of 288.80 and 290.47. An ultimate bull target is 293.21, given a strong auction above 290.47.

If 286.34 fails to provide solid support, we anticipate a downward test at 283.95. Intense selling could further drive the price action to 281.32 and 279.43.

Advanced Micro Devices, Inc.

AMD AMD seems to be on a good path, maintaining our key level of 115.30 in Monday's premarket trade. If this persists, we expect the bulls to aim for 116.32. Overwhelming buyer presence could push our upside targets of 117.66 and 119.93 into play.

However, if 115.30 breaks down due to heavy selling, we anticipate a support check at 113.99. If this level breaks, we foresee the bears pulling the price down to 111.90.

Netflix Inc.

Netflix NFLX is currently above our 443.92 level. Bullish sentiment could lead to a 447.35 test, with further strength potentially challenging 451.39.

On the other hand, if 443.92 breaks down and 441.66 can't provide support, we expect bears to target 437.35 and possibly 432.51.

Final Word: While the week ahead is bustling with key earnings releases, Monday's docket is sparse. With the Fed officials in a blackout period ahead of their July 26th meeting, we won't see any Fed-induced market movement this week. The focus lies on data releases and earnings from key players like Netflix and Tesla. Have a profitable trading day 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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