Market Clubhouse Morning Memo - August 24th, 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 experienced an overnight gap up, currently hovering around the pivotal 445.08 mark. A sustained position above this level will be a bullish sign, potentially targeting 446.31, and with momentum, 447.94. Our ambitious bull target for today stands at 449.42.

On the flip side, should 445.08 fail as support, a downturn towards 443.90 is anticipated. Further bearish movement might challenge 443.42, with a significant drop potentially reaching 442.61. Extreme selling might see a dip to 442.04, with the day's bearish low being 441.06.

Invesco QQQ Trust Series 1

QQQ QQQ started strong overnight and is now orbiting around 372.91. For bullish dominance, maintaining above 372.91 is crucial. A rally might target 373.82, followed by 375.18 and 375.98. Our bullish top for today is 377.58.

However, a struggle to remain above 372.91 could signal a bearish wave, possibly dipping to 371.96 and then 370.91. Further decline might challenge 370.08 and 369.39, with today's bearish floor at 368.57.

Apple Inc.

Apple AAPL saw an overnight rise but has retraced those steps. It currently pivots around 180.60. Bulls might first eye 181.25, followed by 182.27 and 182.96, with the day's optimistic target at 183.38.

Conversely, a dip below 180.60 might push bears towards 179.36, potentially cascading to 178.61 and 176.18. In a pronounced sell-off, we could be looking at 177.31 as the day's bearish goal.

Microsoft Corp.

Microsoft MSFT trades near 333.46. If it holds, bulls could march towards 335.96 and potentially 337.80. The day's bull high is projected at 339.02.

Should 333.46 crumble, bears might target 331.24, with further decline eyeing 328.52. Today's bearish low for Microsoft stands at 326.05.

Meta Platforms Inc

Meta META showcased overnight vigor, currently trading around 300.23. If maintained, a rise to 301.71 and potentially 304.77 is anticipated. Our high bull target for Meta today stands at 308.16.

However, if 300.23 doesn't hold, a decline to 297.33 is possible. Prolonged selling might test 295.97 and further down, 293.91. Our day's bear bottom is set at 291.18.

NVIDIA Corporation

Following an impressive earnings report where they beat on both the top and bottom line, NVIDIA NVDA is eyed to maintain above the 500.00 threshold. If the bullish sentiment reigns, 510.00 is the immediate target, potentially rallying to 520.00. With immense buying pressure, we could even see a record high of 525.00.

Alternatively, a slip below 500.00 might lead bears to 490.00, with additional decline testing 485.00. Our day's bear low for NVIDIA rests at 478.67.

Final Word: With the NVIDIA earnings data circulating and a couple of Fed speakers giving their televised remarks, today promises volatility. Stay sharp, proceed with caution, and may your trades be profitable. 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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