Market Clubhouse Morning Memo - August 21st, 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, 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 an upward gap overnight, showing resilience in the premarket as we approach Monday's session. It's currently hovering just shy of our pivotal 438.78 level. For bullish momentum, we're eyeing a solid reclaim of 438.78, with a subsequent target set at 439.66. If buyers maintain their grip above 438.78, we could see a push towards 440.34. The day's high target for bulls is pegged at 441.06.

Conversely, if 438.78 isn't firmly reclaimed, bearish sentiment might challenge 438.29. Should sellers gain traction, a dip to 437.92 is anticipated. A significant breach here could lead to a descent towards 437.02. In the event of a pronounced bearish session, we might test 436.51, with the day's bear low set at 435.59.

Invesco QQQ Trust Series 1

The Q's QQQ have shown an upward trajectory overnight, currently trading above our 360.08 benchmark. For a bullish continuation, we're looking for sustained activity above 360.08. If this level remains unchallenged, a climb towards 361.41 is likely. With sustained buying, our top bullish target for the day is 364.65.

If trading struggles to maintain above 360.08, bearish forces might drive the price to 357.94. A breach here could lead to a further decline to 356.83, with a more pronounced descent targeting 355.93. In the event of a significant sell-off, our bearish target for the day is 355.32.

Apple Inc.

Apple AAPL has shown modest gains overnight, currently trading just above our 175.09 marker. On the upside, bulls are targeting 175.81, with the day's peak bullish target at 176.84.

On the downside, if the momentum wanes below 175.09, we're looking at a potential descent to 174.05. Persistent selling could push the price to 173.24, with the day's bearish target set at 172.35.

Microsoft Corp.

Microsoft MSFT is currently trading slightly below our 318.48 support level. Bulls aim to reclaim this mark, with an upward trajectory targeting 320.05. Strong buying could push towards the day's peak bullish target of 321.51.

If 318.48 fails to hold, bearish momentum might drive the price to 316.04. In the event of pronounced selling, our bearish target for the day stands at 311.91.

Meta Platforms Inc

Meta META is trading around our 285.10 benchmark. Bulls aim to solidify this level as support, pushing towards 286.94. If momentum persists, 288.87 could come into play, with the day's peak bullish target set at 288.87.

If 285.10 doesn't hold, we anticipate a bearish descent to 284.18, with a further decline targeting 283.08. A significant breach here could see 280.96, with our ultimate bearish target for the day at 276.76.

Tesla Inc.

Tesla TSLA  is currently trading slightly below our 222.19 marker. Bulls aim for an upward trajectory, targeting 223.86. With sustained momentum, we could see 225.60, with the day's peak bullish target at 227.58.

If 222.19 fails to hold, bearish forces might drive the price to 220.52. Intense selling could push towards 217.78, with the day's ultimate bearish target at 213.16.

NVIDIA Corporation

NVIDIA NVDA has shown a pronounced upward gap in Monday's premarket session. Today, we're looking for the bulls to maintain 442.76 as a pivotal support level. If buyers dominate, we could see an ascent to 447.05. Persistent buying could push towards 450.04, with the day's high bull target set at 454.09.

If 442.76 doesn't hold, we anticipate a bearish descent to 439.87. Intense selling could push towards 436.56, with our ultimate bearish target for the day at 432.36.

Final Word: As we head into today's session, it's worth noting the absence of major US data releases. However, with NVIDIA set to report later this week, any significant movement in its price might influence other tech giants. As always, approach the market with caution and discipline. Wishing you a successful trading day!

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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