Good morning, traders! The Market Clubhouse Morning Memo provides a daily analysis of key stocks, focusing on price levels determined by their proprietary formula. This formula considers price, volume, and options flow, offering support and resistance levels for the day’s trading. The memo provides crucial insights for traders looking to capitalize on potential breakouts or reversals in these popular stocks.
SPDR S&P 500 ETF Trust (SPY)
SPY is currently trading around 544.04. For bulls, a break above this level is crucial, targeting 545.24, 546.46, and 547.56. The high bull target is 548.13. On the other hand, if 544.04 fails to hold, bears could push the price down to 542.93, then to 541.49, 540.07, and finally the low bear target at 539.18.
Invesco QQQ Trust Series 1 (QQQ)
QQQ is trading near 463.56. Bulls need to maintain support above this level, targeting 465.93, 467.60, and 469.27. The high bull target for the day is 471.33. If 463.56 fails to hold, bears could push the price down to 462.14, then to 460.55, 458.83, and finally the low bear target at 457.55.
Apple Inc. (AAPL)
AAPL is hovering around 221.66. For a bullish scenario, holding this level as support is key, targeting 222.24, 222.96, and 223.87. If 221.66 fails to hold, bears could push the price down to 220.97, then to 220.29, 219.19, and finally the low bear target at 218.08.
Microsoft Corp. (MSFT)
MSFT is trading around 417.25. Holding above this level is essential for bulls, targeting 419.17, 420.26, and 421.62. If 417.25 fails, bears could push the price down to 416.32, then to 414.56, 413.14, and finally the low bear target at 411.72.
NVIDIA Corporation (NVDA)
NVDA is positioned around 117.86. Bulls need to reclaim 119.44 as support, targeting 120.27, 121.97, and 123.41. If 117.86 doesn’t hold, bears could push the price down to 116.61, then to 115.83, 115.15, and finally the low bear target at 114.29.
Alphabet Inc Class A (GOOGL)
GOOGL is trading near 160.36. Bulls aim to hold above this level, targeting 161.79, 163.79, and 165.41. If 160.36 fails, bears could push the price down to 158.54, then to 157.41, and finally the low bear target at 156.61.
Meta Platforms Inc (META)
META is trading around 526.29. Bulls aim to maintain support, targeting 531.03, 534.33, and 537.68. If 526.29 fails to hold, bears could push the price down to 520.27, then to 515.39, and finally the low bear target at 512.85.
Tesla Inc. (TSLA)
TSLA is trading near 201.85. Bulls need to maintain support, targeting 204.33, 206.71, and 209.51. The high bull target for the day is 211.53. If 201.85 fails, bears could push the price down to 200.43, then to 198.87, and finally the low bear target at 197.50.
Important Economic Data and Considerations
The trading day is packed with pivotal economic data that could significantly impact market direction. Key releases include Initial and Continuing Jobless Claims, Advance Retail Sales for July, the Philly Fed Business Outlook for August, Industrial Production, Manufacturing Production, and Capacity Utilization figures. Traders should be prepared for swift market moves and manage risk accordingly.
Market Clubhouse Membership
Market Clubhouse provides a daily market analysis, a carefully selected watchlist, early access to the Morning Memo, and exclusive price levels for support and resistance indicators. Join RIPS, a pro trader with years of experience in equities, options, and futures trading, to gain early access to the Morning Memo, participate in live streams, and learn from his trading expertise. For a limited time, you can get a full access pass to Market Clubhouse for 7 days for just $7. Check it out at [https://marketclubhouse.club/7Days/](https://marketclubhouse.club/7Days/) and catch RIPS on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: [https://www.youtube.com/@MarketClubhouse](https://www.youtube.com/@MarketClubhouse).
