Market Clubhouse Morning Memo - August 14th, 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 around the 541.49 level. For the bulls, an initial push to 542.93 would signal strength. If this momentum continues, we anticipate a move towards 544.04, where the price could find support. Should 544.04 hold firm during regular trading hours, a further push to 545.24 could be on the cards. The high bull target for SPY today stands at 546.46.

On the downside, if 541.49 fails to act as support, bears might test the 540.07 level. Should selling pressure increase, we could see a further drop to 539.18. If 539.18 breaks under heavy selling, 538.30 serves as a crucial support level. In a more aggressive sell-off, the low bear target for today could reach 537.20.

Invesco QQQ Trust Series 1

The QQQs QQQ are currently trading near the critical level of 462.14. For bullish momentum, buyers need to hold above this level. A successful hold would open the path to 463.53, where we look for strong support. If buying continues, we might see the price reach 465.93. In a strong auction, the target could extend to 467.60, with a high bull target at 469.27.

Should the auction struggle to maintain 462.14, bearish pressure could drive the price down to 460.55. Persistent weakness may push it further to 458.83. If sellers dominate, 457.55 becomes the next key level to watch. If this level breaks, the low bear target for the day is set at 456.23.

Apple Inc.

Apple AAPL is currently trading around the 220.97 level. Bulls are looking to defend this level as support. A hold here could lead to a rally towards 221.66. If the bullish momentum is sustained, the price may advance to 222.24. For a strong bullish session, the high bull target for Apple is 222.96.

However, if 220.97 fails to hold, the price could dip to 220.29. Should selling continue, we might see a decline to 219.19. If the pressure persists, 218.08 becomes a critical level, and breaking this could drive the price down to the low bear target of 216.70.

Microsoft Corp.

Microsoft MSFT is trading around 414.56. Bulls are looking to maintain this level as support and drive the price higher. A move above 416.32 could trigger a rally towards 417.25. Holding this level during regular trading hours could fuel further gains to 419.17. The high bull target for Microsoft today is set at 420.26.

If 414.56 does not hold as support, bears might push the price down to 413.14. Breaking this level could lead to a test of 411.72. Continued downside pressure could see the price drop to 410.64, with the low bear target for the day at 409.69.

NVIDIA Corporation

NVIDIA NVDA is currently trading near 117.86. Bulls are aiming to push the price to 119.44, reclaiming it as a support level. If the buying continues, we could see a move towards 120.27. A sustained rally might propel the price to 121.97, with a high bull target at 123.41.

If 117.86 fails to hold, bears could test the lower level of 116.61. A break here might lead to further downside to 115.83. Should selling pressure intensify, 115.15 could come into play, with the low bear target set at 114.29.

Alphabet Inc Class A

Alphabet GOOGL is trading around 161.79. Bulls are focused on holding this level as support to drive the price higher. If successful, a move towards 163.79 is expected. Continued buying could push the price up to the high bull target of 165.41.

If 161.79 fails to act as support, bears may push the price down to 160.36. A break below this could lead to a test of 158.54. On heavy selling, the low bear target for Alphabet is 157.41.

Meta Platforms Inc

Meta META is currently around the 526.29 level. Bulls aim to maintain this support and push the price higher. If successful, the next target is 531.03. With strong buying, the price could reach 534.33, with a high bull target at 537.68.

If 526.29 does not hold, bears may push the price down to 520.27. Continued selling pressure could see a drop to 515.39. Should this level break, the low bear target for Meta today is 512.85.

Tesla Inc.

Tesla TSLA is trading around 206.71. Bulls are looking to push the price up to 209.51. Continued buying could drive the price to 211.53. In a strong bullish session, Tesla might test 213.88, with a high bull target at 216.31.

If 206.71 fails as support, bears might drive the price down to 204.33. Continued selling could see the price reach 201.85. If this level breaks, the low bear target for Tesla is set at 200.43.

Final Word: Today's session is centered around the release of July's CPI data at 8:30 AM ET, which is expected to drive substantial market volatility. The Real Average Hourly Earnings report, also due at the same time, will offer additional insights into wage inflation and its potential impact on consumer spending and the broader economy. Given the significance of these reports, traders should brace for rapid price movements and adjust their strategies accordingly. Staying vigilant and managing risk is crucial in this high-stakes trading environment. 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.