Market Clubhouse Morning Memo - August 23rd, 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 hovering around our key level of 559.75. For the bulls, an initial push to 560.83 is crucial. Should the price action maintain strength above 560.83, we anticipate buyers driving the price toward our support level at 561.90. Holding above 561.90 during regular trading hours could lead to a further push upward, with 563.23 in sight. Our highest bullish target for SPY today is set at 564.29.

On the flip side, if 559.75 fails to act as support, we expect the bears to test the 558.32 level. If selling pressure increases, the bears may attempt to drive the price down to 557.44. A breakdown at this level could bring SPY to a more substantial support at 556.27. If today's session turns aggressively bearish, the low target for SPY is 555.11.

Invesco QQQ Trust Series 1

The Q's are currently trading near our key level of 479.03. For the bulls, it's essential that buyers step in and maintain control above this level. If 479.03 holds strong as support, we expect a move towards 481.73, which could establish a solid foundation for further gains. Continued bullish momentum might lead to a test of 483.95. Should the buying persist, we could see a push higher toward 486.10, with the high bullish target for the day at 487.69.

Conversely, if 479.03 struggles to hold during regular trading hours, bears may seize the opportunity to drive the price lower, with 476.85 being the first area of interest. If selling intensifies, the next targets are 474.66 and 471.33. Should the bears maintain control, the low bearish target for the Q's today is set at 469.27.

Apple Inc.

Apple is currently positioned around our level of 226.08. For the bulls, holding this level as support is key. If successful, we could see a rally toward 226.90. Continued bullish activity could lead the price to advance to 227.82. If the buyers regain control of Apple today, the next significant push could bring the price to our high bull target at 229.03.

However, if 226.08 fails to hold during the session, we may see a downward move, with 225.31 being the first target for the bears. If selling continues, the price might drop to 223.87. Sustained bearish pressure could test 222.96, and if this level breaks, our low bear target for Apple is set at 222.24.

Microsoft Corp.

Microsoft is currently trading around the 419.17 level. For the bulls, it's crucial that the auction holds above 420.26. If the price stays strong above this point, we could see a rally to 421.62, where support could be solidified during regular trading hours. A continuation of bullish momentum might push the price towards 422.84, with the high bull target for Microsoft today at 423.81.

On the downside, if 419.17 cannot sustain as support, bears might aim for a test at 417.25. A break below this level could lead to further declines, with 416.32 as the next target. If the selling pressure persists, the price could drop to 414.56. The low bear target for Microsoft today is positioned at 413.14.

NVIDIA Corporation

NVIDIA is currently near our critical level of 125.21. For bullish traders, the focus should be on pushing the price up to 126.84 and establishing this area as solid support. If successful, the price could climb to 128.10. Continued buying momentum might lead to a rally up to 129.53. The highest bullish target for NVIDIA today is set at 131.42.

If 125.21 fails to act as support, we expect the bears to drive the price lower, testing 123.41. Should this level give way, further selling could bring the price down to 121.97. If the auction remains weak, a test at 120.27 could be on the horizon. If bearish momentum continues, the low bear target for NVIDIA today is at 119.44.

Alphabet Inc Class A

Alphabet is currently positioned near our level of 163.79. For the bulls, the goal is to push the price up and hold 165.41 as a firm level of support. Success in this could lead to a move higher to 167.04. Continued bullish activity might drive the price toward our high bull target of 169.34.

If 163.79 doesn't hold during the session, we may see a bearish shift, with 161.79 being the first downside target. A break below this could result in a further decline to 160.36. If heavy selling continues, the price could drop to our low bear target for Alphabet today at 158.54.

Meta Platforms Inc

Meta is currently trading near our level of 534.33. For the bulls, maintaining strength above this point is crucial. If the price holds, we expect a move higher toward 537.68. Should buying momentum persist, the price could rise to 541.79. If the bulls dominate the session, the high bull target for Meta today is set at 548.44.

On the downside, if 534.33 fails to hold, the bears might target 531.03. Continued selling pressure could push the price lower to 526.29. If this level is breached, the low bear target for Meta today is positioned at 520.27.

Tesla Inc.

Tesla is currently auctioning around our key level of 213.88. To the upside, the bulls need to push the price to 216.31. Continued buying could lead to a rally towards 217.78. If the broader market shows bullish activity today, Tesla might test higher at 219.39. Should buyers remain in control, the high bull target for Tesla today is 220.65.

If 213.88 fails to hold as support, a test lower at 211.53 could be on the cards. Continued selling pressure might bring 209.51 into play. If this level is broken, we expect the price to drop to our low bear target for the day at 206.71.

Final Word: Today's trading session has limited economic data releases, making it essential for traders to focus on market sentiment and technical levels. At 10 AM ET, the New Home Sales figures for July will be released, providing insights into the housing market. Following that, at 11 AM ET, we will get the Kansas City Fed Services Activity for August, which could offer a glimpse into the services sector's performance. The highlight of the day, however, is Jerome Powell's speech at the Jackson Hole Symposium at 10 AM ET. His comments will be closely watched by traders and investors for any indications on future monetary policy. The absence of major data releases suggests that market movements could be driven by technical factors and Powell's remarks. Stay alert, manage your risk, and be prepared for potential volatility. Good luck and Happy Friday!

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.