Market Clubhouse Morning Memo - August 26th, 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 is currently trading around the crucial level of 563.23. For the bulls, a move higher to 564.29 would be the initial target. If the momentum holds above 564.29, we could see a further rise towards 565.38. Should 561.90 hold firm during regular trading hours, there is potential for an advance above 566.46. The high bull target for today is set at 567.81.

On the flip side, if 563.23 fails to serve as support, bears may push the price down to test 561.90. If selling pressure intensifies, the next downside target is 560.83. A break below this level on strong selling could drive SPY down to 559.75. In a bearish scenario with significant downside momentum, our low bear target for the day is 558.32.

Invesco QQQ Trust Series 1

The QQQ is trading near the pivotal level of 479.03. For a bullish scenario, buyers need to hold above this level. Should 479.03 remain intact, the price could climb to 481.73, reinforcing it as strong support. Further bullish action might see the price reaching 483.95. If today's auction is robust, the QQQ may test higher levels, with 486.10 in sight. The high bull target for today is 487.69.

Conversely, if the price struggles to stay above 479.03, bears may seize control, pushing the price down to 476.85. Continued weakness could lead to a further decline towards 474.66. If selling persists, the next target is 471.33. Should this level fail to hold as support, the low bear target for the day is set at 469.27.

Apple Inc.

Apple is trading around the key level of 226.90. For a bullish move, this level needs to hold as support, paving the way for a rally towards 227.82. Sustained buying pressure could push the price up to 229.03. If the bulls dominate today’s session, a move towards the high bull target of 230.25 is on the cards.

However, if 226.90 fails to provide support during regular trading hours, a decline to 226.08 is likely. Continued bearish momentum could drive the price lower to 225.31. Should selling pressure increase, the next level to watch is 223.87. If this level is breached, the low bear target for the day is set at 222.96.

Microsoft Corp.

Microsoft is trading near the critical level of 417.25. Bulls will need to defend this level and aim for a rally towards 419.17, establishing it as a key support during regular trading hours. A sustained push above this level could trigger further upside action, with a target of 420.26. If buying momentum continues, Microsoft could reach its high bull target for the day at 421.62.

On the downside, if 417.25 fails to hold as support, bears might push the price down to 416.32. A break below this level could lead to further declines, with 414.56 as the next target. Continued selling pressure might drive the price down to 413.14, with the low bear target for the day set at 411.72.

NVIDIA Corporation

NVIDIA is currently trading around the significant level of 129.53. For a bullish move, this level needs to hold, allowing for a push up to 131.42. If buyers can sustain this momentum, the price could climb to 132.19. Continued strength in the market may see NVIDIA rallying up to 133.31, with the high bull target set at 134.56.

If 129.53 fails to act as support, a decline towards 128.10 is likely. Should sellers continue to dominate, the price may drop to 126.84. If the bearish pressure intensifies, we might see a test of 125.21. In a weaker session, NVIDIA could reach its low bear target for the day at 123.41.

Alphabet Inc Class A

Alphabet is trading near the key level of 165.41. For bulls to maintain control, this level must hold as support, potentially driving the price higher to 167.04. If buying pressure persists, we could see a move towards 169.34, which is our high bull target for the day.

If 165.41 fails to hold during the session, bears may push the price down to 163.79. A break below this level could lead to a test of 161.79. Should selling pressure remain strong, the price could continue to fall, with the low bear target for the day set at 160.36.

Meta Platforms Inc

Meta is currently trading around 526.29, a key level for today's session. For the bulls, maintaining support above this level could lead to a move higher towards 531.03. If buying momentum continues, the price could rally up to 534.33. A strong bullish session could push the price up to our high bull target at 537.68.

However, if 526.29 fails to hold, bears could drive the price down to 520.27. Continued selling pressure might push the price further down to 515.39. If this level fails to hold, the bears could target a deeper decline, with the low bear target for the day set at 512.85.

Tesla Inc.

Tesla is trading near the critical level of 219.39. For the bulls to take control, they need to push the price up to 220.65. If buying pressure remains strong, the price could rise to 222.19. Should there be a broader market rally today, Tesla may test higher levels, with a target of 223.98. The high bull target for today is set at 226.53.

On the downside, if 219.39 fails to provide support, bears could drive the price down to 217.78. Continued selling pressure might push the price further down to 216.31. If this level is breached, the low bear target for the day is 213.88.

Final Word: Today’s trading session is expected to be relatively quiet in terms of economic data. At 8:30 AM ET, we have the release of Preliminary Capital and Durable Goods Orders for July, which could provide some early market direction. Following this, the Dallas Fed Manufacturing Activity report at 10:30 AM ET may offer additional insights into the manufacturing sector. Later in the day, at 11:30 AM ET, the Treasury will conduct a 3 and 6 Month Bill Auction, which could impact short-term interest rates.

With minimal data releases, traders will likely be cautious, awaiting the more significant Personal Consumption Expenditures (PCE) data on Friday, which is closely watched by the Federal Reserve for inflation trends. This could lead to a more subdued trading environment today, but unexpected news or large orders could still create volatility. As always, it’s important to stay alert and manage risk effectively in these conditions. 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.