Market Clubhouse Morning Memo - August 28th, 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 critical level of 561.90. For the bulls, we're looking for a push higher towards 563.23. If the price action holds strong above this level, buyers could drive the price to our next support at 564.29. Should 564.29 sustain during regular trading hours, a move higher towards 565.38 is likely. Our upper target for SPY today is set at 566.46.

Conversely, if 561.90 fails to hold as support, we anticipate the bears testing 560.83. Should sellers gain control here, the next support level to watch is 559.75. A break below this could lead to a further decline toward our lower support level at 558.32. If selling pressure intensifies, our bearish target for the day is 557.44.

Invesco QQQ Trust Series 1

The QQQ is currently trading near our key level of 476.85. For a bullish scenario, we need to see buyers maintain control above this level. If 476.85 is defended as support, we anticipate a push toward 479.03. Continued buying strength could then drive the price higher, with 481.73 as the next target. Should the auction remain robust, a further test at 483.95 could occur, with our high bull target set at 486.10.

However, if the price struggles to stay above 476.85, we expect the bears to push it lower towards 474.66. A break below this level would likely lead to a test at 471.33. Should selling momentum persist, 469.27 comes into focus as the next level of support. If this is broken, we expect the bears to aim for our low bear target of 467.60.

Apple Inc.

Apple is currently trading near 229.03, our key level. For bulls, holding above 229.03 is crucial to sustain upward momentum. If this level holds as support, we could see a rally to 230.25. Further bullish strength could propel the price towards 231.76. Should the buyers maintain control, we anticipate a move to our high bull target for the day at 233.28.

On the downside, if 229.03 fails to hold, we expect a test lower at 227.82. If this level breaks, the price may move further down towards 226.90. Continued bearish pressure could drive the price to 226.08, and if this level fails to hold, the bears might push the price down to our low bear target at 225.31.

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 around 128.10, a key level. For the bulls, the first target is a push to 129.53, with this level being reclaimed as support. Should this occur, the price could rally further to 131.42. If the bullish momentum continues, we might see the price climb to 132.19. The high bull target for NVIDIA today is set at 133.31.

If 128.10 fails to hold, we expect the bears to push the price lower to 126.84. A break below this level could lead to a decline to 125.21. Should the selling pressure persist, the next key support is at 123.41. If this level gives way, the bears could drive the price down to our low bear target at 121.97.

Alphabet Inc Class A

Alphabet is trading around our critical level of 165.41. For bulls to take control, they need to maintain the price above this level and aim for 167.04. If buying pressure persists, we could see the price advance towards our high bull target of 169.34.

Should 165.41 fail as support, we expect the bears to drag the price lower towards 163.79. If this level breaks, the next support level to watch is 161.79. On heavy selling, we anticipate the price could reach our low bear target for the day at 160.36.

Meta Platforms Inc

Meta is currently trading near 520.27, our key level. For the bulls, holding above this level is essential. If 520.27 is defended as support, we expect the price to move higher to 526.29. Continued buying could then push the price to 531.03. Should the bullish momentum sustain, our high bull target for Meta today is 534.33.

On the downside, if 520.27 cannot hold as support, we expect the bears to target 515.39. A break below this level could lead to further selling, bringing the price down to 512.85. If the selling pressure continues, we anticipate a move to our low bear target of 508.25.

Tesla Inc.

Tesla is trading around 209.51, our key level. For bulls, we’re looking for a push towards 211.53. If buyers maintain control, the price could rally to our key resistance at 213.88. Continued strength in the market may lead to a test at 216.31. If the buying pressure continues, we could see the price reach our high bull target for the day at 217.78.

On the downside, if 209.51 fails to hold, we expect the bears to test lower at 206.71. If selling continues, the next level to watch is 204.33. Should this support break, the bears could drive the price down to our low bear target at 201.85.

Final Word: Today’s trading session starts off light on early economic data, but it doesn't stay quiet for long. At 11:30 AM ET, the Treasury will hold a 2-Year Floating Rate Note Auction, which could introduce some volatility. Later, at 1 PM ET, the 5-Year Note Auction will take place, potentially affecting bond markets and influencing broader market sentiment. However, the main event of the day will be NVIDIA's earnings report after the bell. Given NVIDIA's significant role in the tech sector and recent stock performance, this report could be a major market mover. Traders should remain vigilant and ready to react to the outcomes of these events. 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.