Market Clubhouse Morning Memo - August 15th, 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 key level of 544.04. For the bulls, a solid move above this level is needed, with an initial target at 545.24. Should buying momentum continue, we anticipate a push towards 546.46. Holding above 546.46 could lead to further gains, with the price potentially reaching 547.56. Our high bull target for SPY today stands at 548.13, representing a key resistance level.

If 544.04 fails to hold as support, we expect the bears to test the waters at 542.93. A break below this could see increased selling pressure, driving the price down to 541.49. Should 541.49 be breached, a stronger support level at 540.07 could be tested. If the session turns heavily bearish, our low bear target for the day is 539.18.

Invesco QQQ Trust Series 1 QQQ The QQQ is currently trading near the significant level of 463.56. For bulls, maintaining support above this level is crucial, with an eye on a move to 465.93. Continued upward pressure could see the price advance towards 467.60. If the bullish trend strengthens further, a test of 469.27 is likely, with our high bull target for the day at 471.33.

Should 463.56 fail to hold during today’s session, the bears may push the price down to 462.14. Further weakness could lead to a drop to 460.55. If the sell-off intensifies, we expect a test of 458.83. If 458.83 doesn't hold, the bears might push the price down to our low bear target for the day at 457.55.

Apple Inc. AAPL Apple is currently hovering around 221.66. For a bullish scenario, holding this level as support is key, with the next target at 222.24. If buying pressure persists, we could see a push towards 222.96. Should bulls remain in control, the price might rally to our high bull target for the day at 223.87.

However, if 221.66 fails to act as support, we’re looking for a decline to 220.97. Further downside movement could bring the price down to 220.29. If selling pressure intensifies, 219.19 becomes the next critical level, with the low bear target for the day set at 218.08.

Microsoft Corp. MSFT Microsoft is currently trading around 417.25. For the bulls, holding above this level is essential, with an initial upside target at 419.17. If buying momentum holds, the price could push towards 420.26. A sustained rally could see the price reaching our high bull target for the day at 421.62.

If 417.25 fails as support, the bears might test the downside at 416.32. Continued selling could drive the price down to 414.56. If this level is breached, the next target is 413.14, with our low bear target for the day at 411.72.

NVIDIA Corporation NVDA NVIDIA is currently positioned around the key level of 117.86. For bulls, a move to reclaim 119.44 as support is crucial. If successful, the price could push higher to 120.27. Continued buying pressure could see a rally up to 121.97, with our high bull target for the day at 123.41.

If 117.86 doesn’t hold, the bears may push the price down to 116.61. A break below this level could lead to further declines, with 115.83 as the next target. Should selling pressure persist, a test of 115.15 is likely, with the low bear target for the day at 114.29.

Alphabet Inc Class A GOOGL Alphabet is currently trading near 160.36. Bulls will aim to hold above this level, with a target at 161.79. Continued bullish momentum could drive the price up to 163.79. If the buying continues, we could see a move towards our high bull target for the day at 165.41.

If 160.36 fails as support, the bears might target a drop to 158.54. Further selling could push the price down to 157.41. If the bearish trend strengthens, we expect the auction to reach our low bear target for the day at 156.61.

Meta Platforms Inc META Meta is currently trading around the key level of 526.29. Bulls will look to maintain this support and aim for a move up to 531.03. If buying strength continues, the price could rally towards 534.33. A sustained bullish push could lead to a test of our high bull target for the day at 537.68.

If 526.29 doesn't hold as support, the bears could take control, driving the price down to 520.27. Continued selling pressure may push the price lower to 515.39. If the sell-off persists, the bears might target a drop to our low bear target for the day at 512.85.

Tesla Inc. TSLA Tesla is currently trading near 201.85. For bulls, maintaining this support level is crucial, with the next target at 204.33. If buying pressure builds, we could see a move towards 206.71. A strong bullish trend could lead to a rally up to 209.51, with our high bull target for the day at 211.53.

If 201.85 fails to hold, the bears might drive the price down to 200.43. Continued selling could push the price lower to 198.87. If selling pressure intensifies, the bears could test our low bear target for the day at 197.50.

Final Word: Today’s trading session is packed with pivotal economic data, which could significantly impact market direction. The day starts with the release of Initial and Continuing Jobless Claims at 8:30 AM ET, alongside the Advance Retail Sales for July and the Philly Fed Business Outlook for August. These early indicators will be crucial in setting the tone for the day. Following closely, at 9:15 AM ET, the market will react to the Industrial Production, Manufacturing Production, and Capacity Utilization figures for July. These metrics provide insights into the health of the industrial sector and could drive pre-market volatility.

Additionally, remarks from two non-voting Federal Reserve members, Musalem at 9:10 AM ET and Harker at 1:10 PM ET, may offer further clues on the Fed's outlook on monetary policy. Given the recent release of CPI data, today’s session is likely to experience heightened volatility as the market digests these economic reports and adjusts to potential shifts in monetary policy expectations. Traders should be prepared for swift market moves and manage risk accordingly. Stay vigilant, trade safely, and good 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.

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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.