Market Clubhouse Morning Memo - August 28th, 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 has seen a modest rise in the overnight session, hovering around our pivotal 441.06 mark. For bullish momentum, we're eyeing a rally towards 441.62 and 442.04. A robust bullish sign would be maintaining 442.04 as a support level. If buying remains strong, bulls might aim for 442.61. A surge past 442.61 could lead to a high of 443.42 for the day.

Should 441.06 fail as support, we anticipate a decline towards 440.34. With sustained selling, the bearish target is 439.66. A significant drop below this could lead to 438.78. If selling persists, 438.29 will be the level to watch. The day's ultimate bearish target is 437.92.

Invesco QQQ Trust Series 1

The Q's QQQ have shown a slight uptrend overnight, currently around 365.59. Bullish sentiments would push towards 366.69 and potentially 367.52 with strong buying. A further rise could see 368.57. For a bullish day, maintaining above 368.57 is crucial, with a high target of 370.08.

If sellers dominate, a drop through 365.59 to 364.65 is expected. A struggle above 364.65 could lead to a bearish trend towards 363.23, then 362.13 and 361.41. The day's bearish target is 360.08.

Apple Inc.

Apple AAPL has edged up overnight, now around 179.36. Bulls would want to defend 179.36, aiming for 180.60 and a day's high of 181.25.

For bearish sentiments, a decline below 179.36 could lead to 178.61 and further to 178.18. Persistent selling might push towards 177.31, with a day's low target of 176.29.

Microsoft Corp.

Microsoft MSFT hovers around 324.81. Bulls aim to maintain this, pushing towards 326.05 and potentially 328.52. The day's bullish target is 331.24.

If 324.81 fails as support, bears might push towards 323.17 and further to 321.51. The day's bearish target is 320.05.

Meta Platforms Inc

Meta META has risen slightly overnight, now around 286.94. Bulls aim for 288.87 and potentially 291.18, with a day's high of 293.91.

If 286.94 isn't maintained, bears might target 285.10, then 284.18 and 283.08. A significant drop could lead to 280.96, with a day's low of 279.15.

NVIDIA Corporation

For NVIDIA NVDA, bulls aim to maintain 464.95, pushing towards 470.17 and potentially 473.81. The day's bullish target is 478.67.

If 464.95 isn't held, bears might target 458.20, then 461.49 and 458.20. The day's bearish target is 454.09.

Final Word: Today's trading will be data-light, focusing on positioning for upcoming data later this week. Monitor volume and trade wisely. 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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