Market Clubhouse Morning Memo - August 21st, 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 is currently trading near our critical level of 559.75. For bullish momentum to continue, we need to see a move up towards 560.83. If buyers manage to sustain strength above this level, our next target is 561.90. Holding 561.90 during regular trading hours could pave the way for a push higher to 563.23, with the high bull target for SPY sitting at 564.29.

Should 559.75 fail to hold as support, we anticipate bears testing the strength of 558.32. If selling pressure persists at this level, the next downside target is 557.44. A breach of 557.44 could lead to a deeper decline, with strong support at 556.27. In an aggressive sell-off, the low bear target for the day is 555.11.

Invesco QQQ Trust Series 1

The Q's are currently trading near our key level of 481.73. To maintain bullish momentum, buyers need to hold this level and aim for 483.95 as the next support area. If the market remains strong above 483.95, we could see a rally towards 486.10. A strong upward move today might push the price higher to 487.69, with the high bull target for the Q's being 490.05.

If the price struggles to hold above 481.73, bears may take control, potentially driving the price down to 479.03. Continued weakness could lead to a test of 476.85. If selling pressure remains, we expect a drop towards 474.66, with the low bear target for the day at 471.33.

Apple Inc.

Apple is currently positioned around our key level of 226.90. Bulls need to maintain this level as support to target a move up to 227.82. Should the price remain strong above 227.82, we could see a continuation towards 229.03. A bullish day would likely result in a test of our high bull target for Apple at 230.25.

If 226.90 fails as support, we anticipate a move lower to test 225.31. Continued selling pressure may drive the price down to 223.87. If sellers persist, 222.96 comes into focus, with a potential move down to the low bear target at 222.24.

Microsoft Corp.

Microsoft is currently trading around the important level of 426.00. For the bulls to take charge, they need to hold this level and drive the price towards 427.36. If buyers succeed in establishing 427.36 as support, we could see an upward move to 428.48. Continued buying could push Microsoft to our high bull target at 429.25.

Should 426.00 fail to hold as support, bears will likely test the downside at 425.16. If 425.16 gives way, we expect a move lower to 423.81. Persistent selling pressure could push the price further down to 422.84, with the low bear target set at 421.62.

NVIDIA Corporation

NVIDIA is currently trading near our key level of 126.84. To maintain bullish momentum, we want to see a push up to 128.10, establishing it as a solid support level. If buying strength continues, the next target is 129.53. A strong rally could lead to a test of 131.42, with the high bull target for NVIDIA at 132.19.

If 126.84 fails as support, we expect the bears to challenge the 125.21 level. Continued downward pressure could push the price to 123.41. If selling intensifies, a test of 121.97 is likely, with the low bear target for the day at 120.27.

Alphabet Inc Class A

Alphabet is currently trading near our key level of 167.04. For bulls, it's important to see 167.04 hold as support, with an upward move targeting 169.34. If buyers can maintain momentum, we expect the price to rise towards our high bull target of 171.14, signaling a strong session for Alphabet.

Should 167.04 fail to act as support, we expect bears to drive the price down to 165.41. A break below 165.41 could see sellers push the price towards 163.79. If selling pressure continues, the auction could drop further to our low bear target of 161.79.

Meta Platforms Inc

Meta is currently trading near the important level of 526.29. To maintain a bullish outlook, buyers need to hold this level and aim for a move up to 531.03. A strong upward move could push the price towards 534.33. If bullish momentum persists, Meta might reach the high bull target at 537.68.

If 526.29 fails to hold as support, bears will likely test the downside at 520.27. Continued selling pressure could lead to a decline towards 515.39. If 515.39 is breached, the low bear target for Meta is set at 512.85.

Tesla Inc.

Tesla is currently trading near our key level of 220.65. For the bulls to take charge, we need to see a move up to 222.19. If buying pressure remains strong, the next target is 223.98. A broad market rally could push Tesla higher to 226.53, with the high bull target for the day at 228.45.

If 220.65 fails to hold as support, we expect the bears to target a move lower to 219.39. Continued selling pressure could drive the price down to 217.78. If this level is breached, the low bear target for Tesla is set at 216.31.

Final Word: Today's trading session is expected to be relatively quiet on the data front. However, the Treasury's 20-Year Bond Auction at 1 PM ET could provide some insights into investor sentiment regarding long-term government debt. Later, at 2 PM ET, the release of the FOMC Meeting Minutes for July will be a key focus, offering a detailed look at the Federal Reserve's discussions and potential hints about future monetary policy. Although the day might start slow, these events could bring volatility, especially as traders react to any surprises or shifts in tone from the FOMC Meeting Minutes. Stay alert and manage your risk carefully. 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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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.