Market Clubhouse Morning Memo - August 27th, 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 our key level of 560.83. For the bulls, a move above 561.90 would be a strong signal of upward momentum. If this level is held, we anticipate the price to target 563.23 as a solid support area. Sustained bullish activity could push SPY further to 564.29. Our high bull target for the day is positioned at 565.38, which could be reached if the buying momentum continues throughout the session.

On the flip side, if 560.83 fails to hold as support, we expect the bears to challenge 559.75. A break below this level could see the price testing 558.32. If selling pressure persists, a move down to 557.44 could be on the cards. In a scenario of heavy selling, our low bear target for SPY is set at 556.27.

Invesco QQQ Trust Series 1

QQQ is currently trading near our critical level of 474.66. For the bulls, strength above 476.85 would indicate a positive start, with 479.03 as the next key support level. Should this level hold, we could see the price advance to 481.73. If the bulls maintain control, a higher move towards 483.95 is possible, with our high bull target on the day being 486.10.

However, if the auction struggles to hold 474.66, we expect the bears to take over and push the price down to 471.33. If this level is breached, a further decline to 469.27 could follow. Continued bearish momentum might lead to a test of 467.60. Should the sell-off intensify, our low bear target for QQQ is 465.93.

Apple Inc.

Apple is currently hovering around our key level of 226.90. Bulls will want to see this level hold as support, with an initial target of 227.82 on the upside. If buying pressure sustains, a further push towards 229.03 could be in play. Should the bulls retain control, the price might rally to our high bull target for the day at 230.25.

If 226.90 fails to act as support, we could see a move down to 226.08. Bears might then test 225.31, with continued downside pressure bringing 223.87 into focus. If the selling persists, the low bear target for Apple today is positioned at 222.96.

Microsoft Corp.

Microsoft is currently trading around 413.14. Bulls will be looking to hold this level as support, aiming for an initial rally towards 414.56. Should this level be secured, further upside could lead the price to 416.32. If buying momentum continues, the high bull target on the day for Microsoft is set at 417.25.

Conversely, if 413.14 fails to hold as support, bears are likely to target 411.72. A break below this level could see the price declining to 410.64. If selling pressure continues, a move down to 409.69 is possible, with our low bear target for Microsoft at 408.46.

NVIDIA Corporation

NVIDIA is currently trading near our key level of 126.84. For the bulls, a move higher to 128.10 would be a strong start, with this level acting as support if maintained. Continued bullish momentum could drive the price to 129.53. Should the uptrend persist, a rally towards our high bull target of 132.19 could unfold.

If 126.84 fails as support, we anticipate a test lower at 125.21. A break below this level could see the price drop to 123.41. If selling continues, a further decline to 121.97 is expected. Our low bear target for NVIDIA today is positioned at 120.27, in the case of a more pronounced sell-off.

Alphabet Inc Class A

Alphabet is currently trading around our key level of 165.41. Bulls will want to see this level hold as support, aiming for a push towards 167.04. If buying pressure sustains, we could see a move higher to 169.34. Should the bulls maintain control, this could be our high bull target for the day.

If 165.41 fails to hold as support, we anticipate a move down to 163.79. If this level is breached, a further decline to 161.79 could follow. On continued bearish momentum, we expect the price to test our low bear target for Alphabet at 160.36.

Meta Platforms Inc

Meta is currently auctioning near our level of 520.27. Bulls will be watching this level to hold as support, with an initial upside target of 526.29. Should buying strength continue, the price could advance to 531.03. If bullish momentum persists, the high bull target for Meta today is set at 534.33.

On the downside, if 520.27 fails to act as support, bears are likely to push the price lower to 515.39. Continued selling could see the price testing 512.85, with further downside likely leading to a low bear target of 508.25.

Tesla Inc.

Tesla is currently trading around 213.88, a key level to watch. Bulls will aim for a push towards 216.31, with 217.78 as the next upside target if buying momentum holds. Should the bulls take charge, a move to 219.39 is possible, with the high bull target on the day being 220.65.

If 213.88 doesn't hold as support, we expect the bears to drive the price down to 211.53. Continued selling pressure could lead to a test of 209.51. If this level is broken, our low bear target for Tesla today is positioned at 206.71.

Final Word: Today’s trading session is packed with critical data releases that could have a significant impact on market movements. The first release comes at 9 AM ET with the House Price Purchase Index for June and the FHFA House Price Index, which provide insights into housing market trends. At 10 AM ET, the Conference Board Consumer Confidence reading for August will be released, a key indicator likely to set the tone for the market. This is followed by the Dallas Fed Services Activity report at 10:30 AM ET, offering a view into the service sector’s performance.

As the session progresses, attention will turn to the 2-Year Note Auction at 1 PM ET, a crucial event for gauging investor sentiment regarding short-term debt instruments. The day concludes with the release of the Fed's Discount Rate Minutes at 2 PM ET, which could provide insights into the central bank's recent discussions and future monetary policy directions. Given the breadth of significant data points, today promises to be a highly volatile session. Traders should stay alert and manage their risk carefully, as rapid market movements could occur. 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.