Market Clubhouse Morning Memo - August 22nd, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, META, And NVDA)

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

SPY SPY opened higher in overnight trading and has displayed remarkable momentum in the premarket for Tuesday. Currently, it hovers just below the pivotal mark of 442.04. For bullish traders, a sustained break and hold above 442.04 will be vital. With strong buying momentum, we may see an upward push towards 442.61, followed by 443.42 and 443.90. Today's optimal bullish outcome targets 445.08.

Conversely, if SPY can't solidify above 442.04, bearish pressures might test the 441.62 region. A confirmed presence of sellers could then drive prices towards 441.06. A significant downward move might aim for 440.34, with an eventual bearish objective of 438.78 if selling persists.

Invesco QQQ Trust Series 1

The Q's QQQ kicked off Tuesday's overnight and premarket trade with an upward gap and currently oscillate around the pivotal 366.69 level. Bullish sentiment will thrive if 366.69 remains intact as support, potentially aiming for 367.52 and later 368.57. The day's peak bullish target stands at 369.39.

Should 366.69 fail to hold, bearish momentum may aim for 366.15 and 365.59. Persistent sellers could drag prices to 364.65 and possibly 363.23. In an intensified sell-off scenario, 361.41 becomes a key focus, with the day's most bearish target at 360.08.

Apple Inc.

Apple AAPL showcased an overnight upward gap, positioning itself just above the 176.84 benchmark. On the upside, 177.31 emerges as the initial point of interest. Robust buying could propel prices towards a daily peak of 178.18.

Should prices slide below 176.84, bears might aim for 176.29. Persistent selling may then target 175.81, with a deeper bearish perspective eyeing 175.09.

Microsoft Corp.

Microsoft MSFT is currently trading slightly beneath the 326.05 support. Bulls would aim to secure and maintain this level, potentially catalyzing an upward move targeting 328.52 and possibly 331.24.

However, if 326.05 remains elusive, bearish forces might eye 324.81. A stronger downward pull could target 323.17 and possibly 321.51. The day's most bearish perspective for Microsoft stands at 320.05.

Meta Platforms Inc

Meta META trades beneath the pivotal 293.91 level. Bulls aim to regain this level, setting sights on 295.97 and potentially 297.33. With robust buying, the daily target peaks at 300.23.

Conversely, if 293.91 remains out of reach, bears might target 291.18. Deeper selling could eye 288.87 and possibly 286.94. An intensified bearish scenario has 285.10 as the prime objective.

NVIDIA Corporation

NVIDIA NVDA opened significantly higher this Tuesday premarket. The key for bulls today is to secure 478.67. A bullish dominance could aim for 482, and with sustained buying, targets of 485.00 and 490.00 become viable.

If 478.67 crumbles, bearish pressures could target 473.81. A continued sell-off might drive prices towards 470.17, with the day's deep bearish goal at 464.95.

Final Word: A few Fed speakers and vital data releases are on today's docket. The anticipation around NVIDIA's post-market earnings report tomorrow is making a case for bullish enthusiasm, especially within the mega cap tech giants. Stay vigilant, adhere to your trading strategy, and 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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