Market Clubhouse Morning Memo - August 23rd, 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

The SPY SPY experienced a gap up in the overnight session, then gave back some of those gains, and is currently hovering around our pivotal level of 438.78. Bulls will be eyeing 438.78 to establish as a foundational support. If buyers rally, the bulls might set their sights on 439.66, with sustained buying possibly pushing to 440.34. Our bullish apex for the day is set at 441.06.

Conversely, if 438.78 isn’t secured and maintained as support, the market could drift down to 438.29. Continued offloading might push the bears to challenge the 437.92 level. A significant breakdown that might see the bears guiding the price to a deeper support level at 437.92. With more selling, the price could test 436.51. The day’s ultimate bearish target is eyed at 435.59.

Invesco QQQ Trust Series 1

The Q's QQQ experienced an initial rise overnight but later retraced their steps, currently gravitating around 363.23. For bullish momentum, sustained buying above 363.23 is essential. If this level stands firm, the next bullish checkpoint could be 364.65, with potential extensions to 365.59 and 366.15. The day’s bullish high for the Q's is projected at 366.69.

However, if 363.23 proves fragile, anticipate the bears steering the price sharply lower, possibly to 362.13. A breach here might prompt the bears to test the resilience of 361.41. A further decline could put the day's bearish base at 360.08.

Apple Inc.

Apple AAPL  experienced an uptick during the overnight session, but a chunk of those gains eroded. It's now transacting slightly above 177.31. On the upside, 178.18 stands as a potential bolster. Strong buying past 178.18 could lead to the bulls charging towards a daily high at 178.61.

On the flip side, any fragility under 177.31 might redirect price actions to 176.84 for a support test. Persistent bearishness could drive prices to 176.29, with the possibility of a deeper bearish run targeting 175.81 for the day.

Microsoft Corp.

Microsoft MSFT is currently steering slightly above the support line of 323.17. Bulls will aim to secure 324.81 as a strong base. A rally above this crucial level might see the trajectory aiming for 326.05, with a bullish culmination potentially reaching 328.52.

However, if 323.17 wavers as a support, anticipate bearish movements testing the 321.51 zone. Breaching this might open up space for a further descent towards 320.05. If selling persists, the day’s bearish low target is eyed at 318.48.

Meta Platforms Inc

Meta META appears to be finding a floor at 286.94. Bullish sentiments will hinge on this level for support, aiming for an ascent towards 288.87. Securing this level might catalyze a move towards 291.18. Spirited buying could propel the day's peak to 293.91.

Should 286.94 fail to hold, bearish momentum might press prices down to 285.10. A continued selloff might push the bears to a deeper level at 284.18, with extended bearish pressures possibly reaching the day's lows at 280.96.

NVIDIA Corporation

NVIDIA NVDA, with its impending earnings announcement, is set to exhibit volatility. The bulls will aim to solidify 458.20 as a pivotal support. Strong buying might elevate prices to successive levels at 461.49 and 464.95, with a bullish surge potentially touching 470.17. An enthusiastic buying rally might climax at 473.81.

Conversely, if 458.20 proves unstable, expect the bears to direct the narrative towards 454.09. Intensified selling could challenge the 450.04 mark, with the day's bearish floor potentially at 447.05.

Final Word: Today's focus is split between the PMI data release and NVIDIA's post-market earnings announcement. Anticipate potential swings in mega cap tech stocks. Stay disciplined in your trades 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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