Market Clubhouse Morning Memo - July 11th, 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

The SPY SPY is currently hovering around our critical level of 560.83. For bullish momentum, we need to see a push above 561.90. Should the price action remain strong past 561.90, we anticipate buyers aiming for 563.23. If 563.23 holds during regular trading hours, a further push to 564.29 is likely. Our high target for the bulls today is 565.38.

Conversely, if 560.83 fails to hold as support, we expect the bears to test 559.75. Should selling pressure persist, the next target is 558.32. Breaking 558.32 on heavy selling could see the price drop to 557.44. In an intense sell-off, our low bear target for the day stands at 556.27.

Invesco QQQ Trust Series 1

The Q's QQQ are presently trading near our key level of 502.65. For bullish scenarios, we need to see buyers sustain above 502.65. If this level remains intact, we look for 504.44 to establish itself as solid support. Continued buying strength might then push the price towards 506.68. In a robust market, we could see a test of 509.87. The high bull target for today is 513.64.

Should the auction struggle to maintain 502.65, we anticipate bears pushing down to 501.07. Persistent weakness could lead to a test at 498.37. If selling pressure remains, we expect a move towards 495.35. Failing to hold this level, the bears could drive the price to our low target of 495.35.

Apple Inc.

Apple AAPL is currently positioned around our level of 231.76. Bulls need to hold this level as support, aiming for a rally to 233.28. Continued bullish momentum might push the price to 234.20. Should bulls maintain control, a further rise to our high target of 234.97 is expected.

If 231.76 fails to hold during regular hours, we look for a test at 230.25. Continued selling could bring the auction to 229.03. If bearish pressure persists, the next target is 227.82. A breakdown here would lead us to our low bear target of 226.90.

Microsoft Corp.

Microsoft MSFT is trading around our level of 464.70. For bullish traders, we need to see strength above this level, targeting 466.44. If 466.44 holds as support, the price might rally to 467.65. Sustained buying could push Microsoft towards our high target of 468.61.

If 464.70 fails as support, the bears are likely to test 463.27. Breaking this level, we could see a move to 462.07. Further selling pressure may drive the price down to 460.78. Our low bear target for the day is 459.18.

NVIDIA Corporation

NVIDIA NVDA is currently near our key level of 135.64. Bulls should aim for a push to 136.98, establishing it as support. If buying momentum continues, the price could reach 137.94. A strong rally might then test 138.55, with the high bull target at 139.42.

If 135.64 fails as support, bears will likely target 134.56. A breakdown at this level could see the price drop to 133.31. Continued weakness might test 132.19, with our low bear target at 131.42.

Alphabet Inc Class A

Alphabet GOOGL is trading around 190.41. Bulls need to hold this level, aiming for a rise to 191.45. Continued upward momentum could push the price to our high target of 192.19.

If 190.41 cannot hold, we expect bears to drive the price down to 189.57. Breaking this level might lead to a test at 188.73. Heavy selling could see the price drop to our low target of 187.47.

Meta Platforms Inc

Meta META is positioned near 534.33. Bulls need to maintain this level as support, pushing for a move to 537.68. If bullish momentum continues, the price could rise to 541.79. The high target for bulls today is 548.44.

Should 534.33 fail to hold, we anticipate bears pushing the price to 531.03. Continued selling pressure might drive it down to 526.29. Breaking this level, the low target is 520.27.

Tesla Inc.

Tesla TSLA is trading near 262.68. Bulls should aim for a push to 264.46, with further buying leading to 266.83. If market conditions are favorable, a test at 269.48 is possible, with a high target of 272.42.

If 262.68 fails as support, a test at 259.81 is likely. Continued selling might bring the price to 257.56. Breaking this level, our low target for the day is 256.34.

Final Word: Today's trading session will be heavily influenced by the release of the June Consumer Price Index (CPI) data at 8:30 AM ET. This key economic indicator will provide insight into inflation trends, which can significantly impact market sentiment and trading strategies. Alongside the CPI data, we will also see the Continuing and Initial Jobless Claims reports, as well as the Average Hourly Earnings for June. These employment figures will offer additional context on the health of the labor market and potential inflationary pressures. Given the critical nature of these reports, traders should anticipate a high level of volatility and be prepared for rapid price movements.

Furthermore, at 11:30 AM ET, Raphael Bostic, a voting member of the Federal Reserve, is scheduled to speak. His comments could provide further insights into the Fed's perspective on inflation and monetary policy, potentially influencing market dynamics. Traders should pay close attention to his remarks for any hints on future policy actions.

In light of these significant events, it is crucial to approach today's trading with caution and strategic planning. Market participants should also be aware of potential shifts in sentiment that may arise from these economic releases, as they could set the tone for the trading day. Please ensure that risk management practices are firmly in place, and be ready to adapt to the evolving market conditions. Good luck, keep your head on a swivel, and trade safely!

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.