Market Clubhouse Morning Memo - August 2nd, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, AMD, And META)

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

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 has recovered from the gap created by the Fitch downgrade and is now trading just beneath the key level of 454.56 as Monday's premarket session unfolds. If bullish action prevails above 454.56, the next target for the bulls will be 455.14. Should this level hold firmly, 455.90 could be the next objective, with a high target of 456.88.

If trading remains weak below 454.56, bears may dominate, driving the price down to 453.54. A heavy sell-off through this level could target 452.55, with an ultimate bear target of 451.61.

Invesco QQQ Trust Series 1

The Q's QQQ have rebounded from the Fitch downgrade and are trading below the key level of 380.41. For bullish traders, overtaking 380.41 will set sights on 381.89, with continued buying potentially leading to 382.93 and a high bull target of 384.36.

If weakness persists under 380.41, bears may drive the price down to 378.93. Aggressive selling through this level could target 377.58, with an ultimate low target of 375.18.

Apple Inc.

Apple AAPL has recovered from the key level of 193.18 to above 194.29. If 194.29 holds, the upside target is 195.25, with potential to reach 195.67. The day's high bull target is 196.61.

If bears regain control, 194.29 could be retested. A strong sell-off through this level could lead to 193.82, with further bearish pressure aiming for 193.18 and a low bear target of 192.60.

Microsoft Corp.

Microsoft MSFT has bounced from the key level of 331.24 and is now trading above 333.46. If this level is breached with selling, bears may target 331.24, with a daily low target of 328.52.

If 333.46 holds and buyers dominate, a move to 335.96 may occur, with continued buying targeting 337.80.

Advanced Micro Devices, Inc.

AMD's AMD earnings report initially lifted the stock, but it then fell with the Fitch downgrade. Trading around 119.93, if this level holds, bulls may target 122.25, with a high target of 125.78.

If sellers prevail, bears may target 117.66, with further selling pressure targeting 116.32. The day's low bear target is 113.99.

Meta Platforms Inc

Meta META is holding above the key level of 317.90. If trading remains strong, the bullish path may lead to 321.03, with a high target of 325.51.

Conversely, if bears take over and 317.90 is breached, a move down to 315.70 could ensue. If this key support fails, the price could drop sharply to 311.42.

Final Word: With today's session light on data, the market's primary focus will likely be on digesting the Fitch downgrade. Stay alert and trade with care and discipline. Good luck today!

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.