Market Clubhouse Morning Memo - August 1st, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, And AMZN)

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

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

The SPY ETF SPY is trading lower as Tuesday's premarket session begins in August. If the sell-off persists, we're watching for it to reach our key downside level of 455.90. Should aggressive selling occur at this level, a lower test of strength at 455.14 is anticipated. Our lowest bear target for the day stands at 454.56.

Conversely, if SPY bounces, the bulls must regain control at 456.88. The day's high bull target is 457.86.

Invesco QQQ Trust Series 1

The Nasdaq ETF QQQ is experiencing a sell-off in Tuesday's early session. For bearish traders, continued weakness under 381.89 is key. If selling persists, a test of 380.41 is expected. Should this level break with intense selling, the low bear target is 378.93.

If buyers emerge, a reclaim of 381.89 is the first upside target, followed by 382.93. If bulls dominate, a test of 384.36 could occur, with an ultimate bull target of 385.55.

Apple Inc.

Apple AAPL continues its recent trend, fluctuating between 195.67 and 196.61. If the lower level breaks, a lower test at 195.25 is expected. Aggressive selling could push it to a daily low target of 194.29.

On the bullish side, if 196.61 holds, the stock could move up to 196.94, with a high bull target of 198.22.

Microsoft Corp.

Microsoft MSFT is hovering just above the key level of 333.46. Weak trading that breaks this level may lead bears to target 331.24, with a daily low target of 328.52.

If the level holds and buyers emerge, a move towards 335.96 is possible, with 337.80 in play if buying continues.

Amazon.com, Inc.

Amazon AMZN is presently trading just above the key level of 132.94. If aggressive selling occurs here, the bears may target 131.99, with further downside to 131.23 possible.

If the level holds, bulls may target 133.86, with the potential for a move up to 134.60.

Final Word: Key data releases in today's session are likely to guide price action. Stay alert, and approach trading with caution and discipline. 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.