Market Clubhouse Morning Memo - July 24th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, META, And AMD)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, META, and AMD.

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 during our daily Morning Call, 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 SPY is currently oscillating between our set channel of 452.55 and 453.54. Should we see an upward bid during the session today, we anticipate the price action to climb above 453.54, aiming for a target of 454.56.

Conversely, if SPY struggles to maintain above 452.55 today and we observe sellers participating in the auction, we expect to see a bearish attempt to reach our lower level of 451.61. Further downward pressure could potentially draw 451.01 into sight today.

Invesco QQQ Trust Series 1

Currently, the Q's QQQ are transacting between our identified channels of 375.18 and 377.58. In case of robust buying, we anticipate the auction to stably exceed 377.58 with an upside target of 378.93.

If the price action fails to confidently reclaim and sustain above 377.58 today, we expect a test of the lows at 375.18. Additional downward pressure would see the bears aiming for 373.82.

Apple Inc.

Apple AAPL is presently maintaining above our crucial level of 192.60. As long as today's price action remains above this level, we will stay bullish on the stock. We're eyeing the upside target of 193.18 to be regained on bullish buying with higher objectives of 193.82 and 194.29.

If the price action starts to falter under 192.60, we're anticipating the bears to drive the price action down to 191.76. More intense selling could result in the auction creating deeper lows, targeting 191.25.

Microsoft Corp.

Microsoft MSFT has now erased all of its gains from the surge triggered by a press release on July 18th. The stock is currently above our key level of 343.68. If the stock sustains this level during today's regular trading hours, we will stay bullish on the stock. Our bullish targets are 347.85 and 349.67.

However, if we observe selling presence and today's price action decisively dips through 343.68, we expect the bears to target 341.41 on the downside.

Meta Platforms Inc

Meta META is presently above our key level of 293.91. For the bulls, we're hoping for a retest of 297.33 on the upside. If this level can be supported by strong buying, our upside aim is 300.23.

If we observe 293.91 failing, we anticipate the bears to target 291.18 on the downside with more aggressive selling putting 288.87 into contention.

Advanced Micro Devices, Inc.

AMD AMD is currently above our key level of 110.85. If this level remains firm today, we're aiming for a recovery of 111.90 on the upside. If this level is supported strongly, we're hoping for the bulls to target 112.94 with an ultimate high target of 113.99.

However, if 110.85 fails under aggressive selling, the bears should aim to reach 109.69. Our ultimate low target for the day is 108.34.

Final Word: Today's session is scant on news releases and with the FOMC rate decision due on Wednesday, the session may prove to be slow and uneven. Keep a close watch on volume throughout the day to inform your trading decisions. Wishing you the best of luck!

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.

Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will get early access to the Morning Memo just like this one every single day, hours before it goes to publication. For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience.