Good morning traders! Today’s Market Clubhouse Morning Memo focuses on eight key stocks: SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA. Our proprietary formula, exclusive to Market Clubhouse, pinpoints crucial price levels for these stocks, taking into account price action, volume, and options flow. These levels are updated daily and shared with all Clubhouse members before the market opens.
We encourage you to closely monitor these stocks and be prepared to capitalize on potential breakouts or reversals. Remember to stay alert and adapt your trading tactics based on market fluctuations to maximize your gains.
SPDR S&P 500 ETF Trust (SPY)
SPY is currently trading near our critical level of 534.17. For bullish traders, we’re aiming to see an initial push towards 535.43. If price action remains strong above 535.43, buyers could drive the price higher to our support level at 536.31. A solid hold above 536.31 during regular trading hours could signal further upward movement, potentially pushing the price to 537.20. Our high bull target for SPY today is set at 538.30.
However, if 534.17 fails to hold as support, we anticipate the bears will challenge 532.56. Should sellers gain dominance, the bears might test the next level at 531.57. A breakdown below 531.57 on strong selling pressure could push the price down to 530.77. If today’s session turns aggressively bearish, our low bear target is 530.09.
Invesco QQQ Trust Series 1 (QQQ)
QQQ is trading near our key level of 452.14. For bullish traders, we’re looking for a move above 452.98. If buyers can maintain support at this level, we expect them to aim for 454.10 as a strong support area. Continued buying strength could propel the price to 455.29, and if the bullish momentum is sustained, a test of 456.23 may be likely. Our high bull target for QQQ today is 457.55.
If the auction struggles to hold above 452.14 during today’s regular trading hours, we anticipate the bears will push the price lower to 450.98. Weakness at this level could lead to a further decline to 449.36. Persistent selling might drive the price down to 447.73, and if this support level is breached, we could see the bears aiming for our low bear target of 446.51.
Apple Inc. (AAPL)
Apple (AAPL) is currently hovering around our level of 218.08. For the bulls, it’s crucial to hold 218.08 as support. A rally above this level could lead to a move towards 219.19. If the bullish momentum continues, we could see the price reaching 220.29. Should the bulls take control of the price action, our high bull target for Apple is 220.97.
On the downside, if 218.08 fails to hold as support, we expect a test lower at 216.70. If selling pressure persists, the bears may drive the price down to 215.25. Further downside momentum could lead to a test of 214.07, and if this level is broken, we’re looking for the auction to reach our low bear target of 212.44.
Microsoft Corp. (MSFT)
Microsoft (MSFT) is trading near our level of 408.46. For the bulls, holding above 408.46 is crucial. A strong rally from this level could drive the price up to 409.69, which needs to hold as support during regular trading hours. If buyers succeed, the price could move higher towards 410.64, and sustained bullish momentum might push the price to our high bull target of 411.72.
On the other hand, if 408.46 cannot be held as support, we anticipate the bears will test 407.11 to the downside. A breakdown below this level could lead to further selling pressure, bringing the price down to 406.01. If the sell-off intensifies, the bears might push the price to our low bear target of 402.74.
NVIDIA Corporation (NVDA)
NVIDIA (NVDA) is currently near our key level of 109.86. For the bulls, the goal is to push the price up to 110.73 and establish it as a firm support level. If buyers can achieve this, we might see the price advance to 111.70. Continued buying pressure could result in a rally up to 112.54. Our high bull target for NVIDIA today is 113.68.
If 109.86 fails to hold as support during the session, we expect the bears to push the price down to 109.12. A breach of this level could lead to further declines, with the price potentially dropping to 107.51. If the selling pressure remains strong, the auction could test 106.30, and our low bear target for NVIDIA is set at 105.23.
Alphabet Inc. Class A (GOOGL)
Alphabet (GOOGL) is trading around our level of 163.79. For the bulls, holding this level as support is key. A rally above 163.79 could lead to a push towards 165.41. If buyers maintain momentum, the price might advance to 167.04, which serves as our high bull target for today.
If 163.79 cannot be maintained as support, we expect the bears to drive the price down to 161.79. A break below this level could lead to further bearish action, initially targeting 160.36. If selling intensifies, our low bear target for Alphabet today is 158.54.
Meta Platforms Inc. (META)
Meta (META) is trading near our level of 520.27. For the bulls, holding above 520.27 is critical. If they succeed, we could see the price rise to 526.29. A strong bullish auction might push the price higher towards 531.03, and continued buying could lead to a test of our high bull target of 534.33.
If 520.27 fails to hold as support, we anticipate the bears will push the price down to 515.39. If selling pressure persists, the price might drop to 512.85. A breach of this level could lead to further declines, with the auction possibly reaching our low bear target of 508.25.
Tesla Inc. (TSLA)
Tesla (TSLA) is currently trading near our key level of 197.50. For the bulls, the goal is to push the price up to 198.87. If buyers can maintain momentum, we could see a rally towards 200.43. Should the bullish sentiment continue, Tesla might test higher levels at 201.85, and our high bull target for today is 204.33.
If 197.50 fails to hold as support, we expect the bears to test lower at 195.91. Continued selling could bring the price down to 193.81. If this level is breached, Tesla might decline further, reaching our low bear target of 191.52.
Final Word
Today’s trading session is heavily influenced by the upcoming Producer Price Index (PPI) numbers for July, scheduled for release at 8:30 AM ET. This data will likely set the tone for the day’s market movement, as it is the key economic report of the session. The outcome could provide critical insights into inflation trends, influencing market sentiment and potential Fed actions.
Additionally, we have a scheduled speech by Federal Reserve voting member Raphael Bostic at 1:15 PM ET, which could further impact the markets. Large funds are also expected to make significant positional adjustments ahead of tomorrow’s Consumer Price Index (CPI) release. The anticipation surrounding the CPI data might lead to increased market volatility as traders position themselves for potential shifts in monetary policy expectations.
Given the importance of today’s data and the looming CPI report, it’s essential to stay alert and be prepared for rapid price movements. Manage your risk carefully, and trade with caution. Good luck!
