Market Clubhouse Morning Memo - August 31st, 2023 (Trade Strategy For SPY, QQQ, GOOGL, MSFT, AMZN, And NVDA)

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

Currently, the SPY SPY is hovering around our pivotal level of 452.55. For bullish traders, a strong signal would be a rally reaching 453.54. Further upward movement could push the price to 454.56 and 455.14, with our ultimate bullish target for the day at 455.90.

Should the 452.55 level fail to hold, we anticipate a downward trend towards 451.61 and 451.01. If selling persists, the bears may challenge the 450.23 level. A significant sell-off could push the price down to our support level at 449.42, with a bearish daily target of 447.94.

Invesco QQQ Trust Series 1

The QQQ QQQ is trading around our key level of 377.58. For a bullish scenario, an initial surge to 378.93 is desired. A break above this level on strong buying could propel the price to 380.41, with a high bullish target of 381.89 for the day.

If sellers dominate, we expect a decline to our support level at 375.98. Failure to maintain above this level could see the bears driving the price down to 375.18 and potentially testing 373.82. The day's bearish target is 372.91.

Alphabet Inc Class A

Alphabet GOOGL is trading above our benchmark of 136.29. Bulls would like to see this level maintained as support, aiming for a rally to 137.79. Sustained bullish activity could push the price to our high target of 138.39.

If the 136.29 level is breached, we expect a bearish trend towards 134.96. Further selling could drive the price to 133.78, with a bearish daily target of 132.84.

Microsoft Corp.

Microsoft MSFT is trading above our key level of 328.52. For bullish traders, maintaining this as support could lead to a rally towards 331.24. A sustained move could target 333.46, with a high bullish target for the day at 335.98.

If the 328.52 level fails to hold, we anticipate a bearish move towards 326.05. Continued selling could push the price to 324.81, with a bearish daily target of 323.17.

Amazon.com, Inc.

Amazon AMZN is trading around our key level of 135.39. Bulls aim to hold this as support, targeting a rally to 135.97. Sustained bullish momentum could lead to our high target of 137.22 for the day.

If 135.39 fails to hold, we expect a bearish move towards 134.60. Further selling could drive the price down to 133.86, with a bearish daily target of 132.94.

NVIDIA Corporation

NVIDIA NVDA is currently trading below our key level of 495.79. For bullish traders, reclaiming and holding this level could lead to a rally towards 500.00. If this level is maintained, the high bullish target for the day is 506.40.

If 495.79 can't be reclaimed, we expect a bearish trend towards 489.04. A break below this could lead to a further decline to 483.43, with a bearish daily target of 478.67.

Final Word: Today's trading will likely be influenced by data releases and anticipation of tomorrow's Non-Farm Payrolls report. Prepare for a volatile session and trade cautiously. Best of luck today!

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.

Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will get early access to the Morning Memo just like this one every single day, hours before it goes to publication. For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience.