Market Clubhouse Morning Memo - August 6th, 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

SPY SPY is currently trading near our level of 521.85. For the bulls, a push higher to 522.84 is desirable. Should the price hold above 522.84, we anticipate a move to the next support level of 523.76. If 523.76 is sustained during regular trading hours, a further advance to 525.26 is expected. The high bull target for SPY today is 526.31.

If 521.85 fails to hold as support, we expect the bears to challenge 520.67. If selling pressure increases, the bears will likely test 519.71. Breaking this level under heavy selling could bring SPY down to 518.76. In a strong sell-off, the low bear target for the day is 518.04.

Invesco QQQ Trust Series 1

The QQQs QQQ are trading around our key level of 440.00. For bullish action, we need to see buyers drive the price above 440.78. If this level holds as support, we aim for 441.56 to be firmly established. Persistent buying could push the price towards 442.53, with a strong session likely testing 444.09. Our high bull target for the QQQs today is 445.09.

Should the price struggle to stay above 440.00, we look for bears to take control, driving the price down to 438.89. If weakness persists, expect a test of 437.47. Continued selling pressure could lead to a drop to 436.58, with the low bear target for the day set at 435.88.

Apple Inc.

Apple AAPL is trading near our level of 208.81. For a bullish scenario, we need 208.81 to hold as support. Bulls would then aim to push the price to 209.81. Sustained bullish momentum could see the price climbing to 211.12. If Apple regains control today, we look for a push towards our high bull target at 212.44.

If 208.81 fails as support, we expect a test of 207.93. Continued selling could drive the price to 207.18. Persistent downward pressure might bring 206.55 into play. If this level breaks, the low bear target for Apple today is 205.54.

Microsoft Corp.

Microsoft MSFT is currently trading around 399.21. For the bulls, holding above 399.21 is crucial. If this level holds, a rally to 400.30 is possible, which should be maintained as support during regular trading hours. Sustained buying could push the price to 401.39, with the high bull target set at 402.74.

If 399.21 fails to hold as support, bears will likely test 398.38. A break below this level could see the price move to 397.65. Continued downward momentum might lead to a test of 395.68, with the low bear target for Microsoft today at 394.46.

NVIDIA Corporation

NVIDIA NVDA is trading near our key level of 103.96. For a bullish move, we need the price to climb to 105.23 and hold this level as a defined area of support. If buyers remain active, we could see a push to 106.30. Sustained buying might drive the price up to 107.51, with the high bull target for NVIDIA at 109.12.

If 103.96 fails to hold, bears will likely test 102.55. A break below this level could see a drop to 101.02. If the session remains weak, we might see a test of 99.87. Continued selling pressure could bring the price down to the low bear target for NVIDIA today at 99.16.

Alphabet Inc Class A

Alphabet GOOGL is trading around 160.36. For the bulls, a move to 161.79 is key, with this level acting as support. Continued bullish momentum could push the price to 163.79, with a high bull target of 165.41.

If 160.36 fails to hold as support, we expect the bears to drive the price down to 158.54. Breaking this level could lead to a test of 157.41. In case of heavy selling, the low bear target for Alphabet today is 156.61.

Meta Platforms Inc

Meta META is trading near 480.96. For a bullish outlook, we need the price to remain above 480.96 and hold this level as support. A strong buying session could drive the price to 483.11, with continued momentum pushing it to 485.96. The high bull target for Meta today is 488.81.

If 480.96 fails as support, bears will likely target 479.47. Continued sell-side pressure might bring the price down to 477.50. If this level breaks, the low bear target for Meta today is 475.19.

Tesla Inc.

Tesla TSLA is trading around our key level of 201.85. For the bulls, a push to 204.33 is essential. Sustained buying could see a rally to 206.71. If the broader market rallies, Tesla could test 209.51, with a high bull target of 211.53.

If 201.85 fails to hold as support, bears will likely test 200.43. Continued selling might bring the price to 198.87. If this level breaks, the low bear target for Tesla today is 197.50.

Final Word: Today's trading session is packed with significant economic data that could influence market movements. At 8:30 AM ET, the Trade Balance for June will be released, providing insights into the economic health of the country. Following that, at 10 AM ET, the TIPP Economic Optimism Index for August will be published, which can impact investor sentiment.

At 11 AM ET, we will get the Treasury's Buyback Announcement, a critical event that could affect the bond market. Later in the day, at 1 PM ET, the Treasury will hold a 3-Year Note Auction, which can influence interest rates and investor expectations. Given the range of key data releases and announcements, today promises to be highly volatile. Traders should stay alert, manage their risks carefully, and be prepared for rapid price movements. Good luck, 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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