© Reuters. Market Clubhouse Morning Note – August 3, 2023 (Trading Strategy for SPY, QQQ, AAPL, AMZN, MSFT and NVDA)
Benzinga – Good morning traders! In this morning’s Market Clubhouse note, we will discuss SPY, QQQ, AAPL, AMZN, MSFT and NVDA.
Our proprietary formula, exclusive to Market Clubhouse, dictates these price levels. This dynamic equation takes into account price, volume, and option flow. These levels are updated every day and communicated to all club members during our daily morning call before the market opens.
We recommend keeping a close eye on these stocks and being prepared to exploit potential breakouts or reversals. As always, be vigilant and ready to adjust your tactics according to the pulse of the market in order to optimize your trading profits. Now let’s dive into stock analysis:
SPDR S&P 500 ETF Trust
The SPY Index (ARCA: SPY) declined during the overnight session but has since recovered some of its losses, hovering around the critical 449.42 level. If SPY can hold this level vigorously, markets could see a bullish rebound, initially targeting 450.23 and potentially reaching 451.01-451.61. Highest bullish target for today is 452.55.
If selling continues and bears maintain control, strong resistance at 449.42 could lead to a downside target at 447.94, with further bearish action targeting 446.31 with ultimate bearish target of the day at 445.08.
Investco QQQ Trust Series 1
Thursday’s premarket (NASDAQ: QQQ) shows that Q looks weak. For a bullish move, we need the price to recover the 373.82 level with a potential upside move to 375.18 and an ambitious bullish target at 377.58.
If weakness persists, bears could target 371.96 and possibly 370.91, with a bearish marginal target at 369.39.
As Apple (NASDAQ: AAPL) is about to announce earnings after the call, the stock fell the day before but recovered slightly, trading around 191.76. Bulls will target 192.21, then 192.60 with a final target of 193.18.
Bearish behavior could target 191.25 followed by 190.33 with a bearish marginal target at 189.52.
As Amazon (NASDAQ:AMZN) prepares to release its earnings report after the bell, the stock sits just above 128.38. Bulls may aim for 129.23 with a high target of 130.18.
If the bears take over, the initial targets could be 127.76 and the downside limit at 126.46.
The sell-off in Microsoft (NASDAQ: MSFT) shares continues, currently around 326.05. Bulls could move towards 328.52, 331.24 or the high target at 333.46.
Bears may target 323.17, then 321.51, with bears low target at 320.05.
NVIDIA (NASDAQ: NVDA) is trading slightly above 436.56. If this level holds, bulls could target 439.87, 442.76 or 447.05 ultimate target.
Bearish action could be targeted at 434.01, 432.36 with a serious drop at 429.17.
Closing Words: Today’s trading will be driven by key data analysis and earnings forecasts for Amazon (NASDAQ:AMZN) and Apple after the call. Caution is advised as there can be significant volatility. Stay vigilant and disciplined, and good luck trading today!
The Morning Note is curated by RIPS, a professional trader with many years of experience trading stocks, options and futures. RIPS is at the center of the exclusive Market Clubhouse community, offering real-time insights, experience and mentorship.
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