Market Clubhouse Morning Memo - July 21st, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, GOOGL, And NVDA)

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

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

Currently, SPY SPY is seeing an uptick in premarket trading on Friday. It's trading above a pivotal level of 453.54. If it can maintain strength above this level, we continue to have a positive outlook for today's market. We're looking forward to the bulls consolidating their strength above 454.56. If significant buying activity takes place, our upper target for the day is 455.90, reaching up to a maximum of 456.88.

However, if 453.54 breaks and a sell-off occurs, we'll be watching how the bears react to the key level of 452.55. If this level cannot withstand the selling pressure, our bear target will be 451.61, going down to a possible low of 450.23 for the day.

Invesco QQQ Trust Series 1

The Q's QQQ are also experiencing a gap up in premarket trading this Friday. Provided the price holds above our crucial level of 378.93, we expect the bulls to dominate today. We're watching for the 380.41 level to be reached and supported. Given significant buy-side inflows today in large cap tech names, we're targeting 381.89, with the ultimate bullish target set at 382.93.

Should 378.93 break down and the bulls fail to maintain that level, we're eyeing a possible drop to 377.58. If sellers take control, we anticipate the price to drop further to 375.18, with the day's worst-case scenario pegged at 373.82.

Apple Inc.

Apple AAPL had a somewhat lackluster session yesterday, closing lower on Thursday. However, we're noticing a premarket gap up on Friday, with the price striving to stay above our key level of 193.82. For the bulls, we aim to defend 193.82, setting an immediate upward target at 194.29. Given strong buying activity, we anticipate the bulls testing 195.25 with a top target of 196.61 for the day.

Should the price action weaken and start to fall, we're anticipating a strength test at the lower level of 193.18, with increased selling pushing the price down to 192.60. If sellers manage to take over, our bearish target is 191.25.

Microsoft Corp.

Microsoft MSFT extended its sell-off yesterday but is experiencing an uptick in premarket trading this Friday alongside other large-cap stocks. We're seeing the price hover around our critical level of 349.67. If the bulls take charge today, we're looking for a decisive test at 352.26. If this level holds, we anticipate the price reaching 354.73, with the ultimate bullish target for the day set at 358.28.

However, if 349.67 is rejected and the price drops below 347.85, we expect the price to trend lower towards 343.68, with the day's most bearish target at 341.41.

Alphabet Inc Class A

Google GOOGL is currently trading close to our key level of 120.96, erasing almost half of yesterday's losses. If the price can stay above this level, we're setting our sights on the higher level of 121.86. If this level holds strong, our bullish target is 123.49.

If the price struggles to stay above 120.96 or 120.18, we expect the bears to gain control, testing our lower levels of 119.58 and 119.14. The worst-case scenario for Google today is a drop to 118.30.

NVIDIA Corporation

NVIDIA NVDA is rebounding in premarket trading this Friday, recovering most of Thursday's losses. The stock currently holds above our key level of 458.20. If the bulls can defend this level, we're looking for a strong show above 461.49, reaching up to 464.95. The day's top target for NVIDIA is 470.17.

If the bears take over, we're looking at a potential breach of 458.20, testing a lower level at 454.09. If this level doesn't hold, we're likely to see a further drop to 450.04, with the day's lowest target at 447.05.

Final Word: Today is important due to the monthly options expiration or MOPEX. Over $2.3 trillion worth of options are set to expire today, making it the largest July MOPEX ever recorded. This could result in high volatility in today's session. Please ensure disciplined trading and end the week on a high note! Best of 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.

Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will get early access to the Morning Memo just like this one every single day, hours before it goes to publication. For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience.