Market Clubhouse Morning Memo - July 24th, 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 (NYSE:SPY) is currently trading around our level of 549.67. For the bulls, we are aiming for an initial move higher to 550.45. If the price action sustains above 550.45, we expect buyers to push the price up to our support level of 551.33. Should 551.33 hold during regular trading hours, we anticipate a further rise to 552.50. Our upper target for the day is set at 553.66.
Should 549.67 fail to hold as support, we anticipate the bears will test 549.00. If selling pressure persists, we foresee a test of 548.13. A significant breakdown at this level could lead to a drop to our strong support at 547.56. In the event of a sharp decline, our lower target for the day is 546.46.
Invesco QQQ Trust Series 1
QQQ (NASDAQ:QQQ) is currently trading around our key level of 474.66. For the bulls, we want to see buyers maintain control above 474.66. If this level is held as support, we expect a move towards 476.85. Continued bullish momentum could bring our level of 479.03 into focus. If buying strength persists today, a test of 481.73 is likely. Our upper target for the QQQ today is set at 483.95.
If 474.66 fails to hold during regular trading hours, we expect the bears to push the price down to 471.33. Should weakness continue, a test of 469.27 is anticipated. Persistent selling pressure could bring the price to 467.60. If this level breaks, we anticipate the bears driving the price down to our lower target of 465.93.
Apple Inc.
Apple (NASDAQ:AAPL) is currently trading around our level of 223.87. For the bulls, we need 223.87 to hold as support. If buyers manage to keep control, we look for a move up to 225.31. Continued bullish activity could push the price to 226.08. If the bulls maintain momentum, we aim for a push higher to our upper target of 226.90.
If 223.87 fails to hold during regular trading hours, we expect a test of 222.96. Continued selling pressure could drive the price down to 222.24. If the selloff persists, we look for a move to 221.66. A further breakdown could lead to our lower target for the day at 220.97.
Microsoft Corp.
Microsoft (NASDAQ:MSFT) is currently trading around our level of 441.34. For the bulls, we need to see the price hold above 441.34 and rally to 442.95, establishing it as support. If buying momentum continues, we aim for a move up to 444.95. Sustained bullish activity could see the price reaching our upper target of 446.33.
If 441.34 fails to hold during regular trading hours, we expect the bears to test 438.72. A breakdown at this level could lead to a move to 437.10. Persistent downside pressure could push the price to 435.79. Our lower target for the day is set at 434.49.
NVIDIA Corporation
NVIDIA (NASDAQ:NVDA) is currently trading around our key level of 120.27. For the bulls, we want to see a push up to 121.97 and establish this level as support. Continued buying pressure could drive the price up to 123.41. If the bullish trend persists, we aim for a rally to 125.21. Our upper target for NVIDIA today is 126.84.
If 120.27 fails to hold as support, we expect the bears to test 119.44. A breakdown at this level could lead to a move to 117.86. If selling pressure remains, we anticipate a test of 116.61. Further downside could bring the price to our lower target of 115.83.
Alphabet Inc Class A
Alphabet (NASDAQ:GOOGL) is currently trading around our level of 175.12. For the bulls, we need 175.12 to hold as support, aiming for a move to 176.23. Sustained bullish momentum could drive the price to our upper target of 177.28.
If 175.12 fails to hold during regular trading hours, we anticipate a move down to 174.01. Continued selling pressure could bring the price to 172.28. A breakdown at this level could lead to our lower target of 171.14.
Meta Platforms Inc
Meta (NASDAQ:META) is currently trading around our level of 477.50. For the bulls, we need to see strength above 477.50, aiming for a move up to 479.47. Continued bullish activity could push the price to 480.96. If the trend remains strong, we look for a move to our upper target of 483.11.
If 477.50 fails to hold as support, we expect the bears to push the price down to 475.19. Continued selling pressure could drive the price to 473.93. A breakdown at this level could lead to our lower target of 472.19.
Tesla Inc.
Tesla (NASDAQ:TSLA) is currently trading around our key level of 223.98. To the upside, we want to see the bulls push the price to 226.53. Continued buying pressure could drive the price to our key level of 228.45. If the bullish trend continues, we expect a move to 230.65. A strong rally could see the price reaching our upper target of 233.49.
If 223.98 fails to hold as support, we expect a test of 222.19. Continued selling pressure could bring the price to 220.65. If this level breaks, we anticipate a move to our lower target of 219.39.
Final Word: Today's session begins with early data at 8:30AM ET, including the Advance Goods Trade Balance and Preliminary Wholesale Inventories. At 9:45AM ET, the Bank of Canada Interest Rate Decision will be announced, alongside the US Preliminary PMI for July. At 10AM ET, we will receive the New Home Sales data for June. Given the significant data releases, expect increased volatility in the markets. Stay alert, keep your head on a swivel, and trade carefully!
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.