Market Clubhouse Morning Memo - August 18th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, META, TSLA, And NVDA)

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

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

The SPY SPY has experienced a gap down overnight, with significant premarket selling as we head into Friday's session. Currently, it's hovering just above our 434.13 marker. Bulls will aim to push upwards, targeting an initial level of 434.66. If momentum persists above 435.06, we anticipate a bullish drive towards 435.59. The day's peak bullish target is set at 436.51.

Conversely, if 434.13 doesn't hold, we expect the bears to challenge 433.75. Should sellers dominate, a descent to 433.27 is likely. A significant breach here, especially with heavy selling, could test our robust support at 432.91. In the event of an intense bearish session, our ultimate target is 431.78.

Invesco QQQ Trust Series 1

The Q's QQQ have witnessed a sharp decline overnight, currently trading around our pivotal 355.93 level. Bulls will seek to establish dominance above 356.83. If this level remains unbreached, we could see an ascent towards 357.94. With sustained buying, our top bullish target for the day is 361.41.

If trading struggles to maintain above 355.93, bearish forces might drive the price to 355.32. If this level proves fragile, a further decline to 354.24 is possible, with a deeper descent targeting 353.50. In the event of a significant sell-off, our bearish target for the day is 352.55.

Apple Inc.

Apple AAPL has seen a decline in the overnight session, currently trading slightly below 172.35. On the upside, bulls are eyeing 173.24, with the day's peak bullish target at 174.05.

On the downside, if the decline persists, we're looking at a potential rejection of 172.35, pushing the price to 171.66. If sellers remain aggressive, a descent to 171.03 is likely. In the case of a significant decline, our bearish target is 169.95.

Microsoft Corp.

Microsoft MSFT hovers just below our 313.61 support level. Bulls aim to reclaim this mark, with an upward trajectory targeting 316.04. Strong buying could push towards the day's peak bullish target of 318.48.

If 313.61 fails to hold, bearish momentum might drive the price to 311.91. In the event of intense selling, our bearish target for the day stands at 309.38.

Meta Platforms Inc

Meta META is trading below our 280.96 marker. Bulls will aim to reclaim this, pushing towards 284.18. If momentum persists, 285.10 could come into play, with the day's peak bullish target at 286.94.

If 280.96 doesn't hold, we anticipate a bearish descent to 279.15. A significant breach here could see 276.76, with our ultimate bearish target for the day at 273.68.

Tesla Inc.

Tesla TSLA is maintaining support around 213.89. Bulls will aim for an upward trajectory, targeting 215.15. With sustained momentum, we could see 217.78, with the day's peak bullish target at 219.39.

If 213.89 fails to hold, bearish forces might drive the price to 213.16. Intense selling could push towards 211.53, with the day's ultimate bearish target at 208.48.

NVIDIA Corporation

For NVIDIA NVDA, the focus is on the 426.17 support level. If buyers dominate, we could see an ascent to 429.17. Persistent buying could push towards 432.36, with the day's peak bullish target at 434.01.

If 426.17 doesn't hold, we anticipate a bearish descent to 424.83. Intense selling could push towards 421.35, with our ultimate bearish target for the day at 419.36.

Final Word: Today's trading landscape is devoid of significant data, but the spotlight will be on the monthly options contracts set to expire. This could lead to heightened volatility and potential sharp moves. Stay vigilant, trade wisely, and aim for a strong finish to the week. 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.

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