Good Morning Traders! In today’s Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.

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, 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 is currently trading near the key level of 547.56. For the bulls, the target is to push higher towards 548.13. If the price maintains strength above 548.13, the next target would be 549.00 as support. Sustained buying activity above this level could propel the price to 549.67. Should the bullish momentum hold throughout the session, the high bull target for the day is 550.45.

If 547.56 fails to act as support, we expect the bears to target a test of 546.46. Should sellers remain dominant, a further decline to 545.24 could be in play. If this level is broken on heavy selling pressure, support may be found at 544.04. In the event of an aggressive selloff, the low bear target for the day is 542.93.

Invesco QQQ Trust Series 1

The QQQ is currently hovering around the pivotal level of 457.55. For bulls, holding this level as support is key to targeting 458.83. If buyers are strong above this level, the next bullish objective would be 460.55. Should the buying momentum continue, 462.14 is the next area of interest. A solid bullish performance today could push the QQQ to the high bull target of 463.56.

If 457.55 fails to hold, bears may aim for a downside move to 456.23. Continued weakness could bring 455.29 into play, and if selling pressure escalates, 454.10 would be the next target. If this level fails, the low bear target on the day stands at 452.98.

Apple Inc.

Apple is currently trading around 219.19. Bulls need to defend this level for a possible push toward 220.29. If support holds firm, the price could aim for 220.97, where continued buying pressure could lead to a rally. Should the uptrend strengthen, Apple could reach the high bull target of 221.66 for the session.

In the event that 219.19 does not hold as support, the bears will likely target 218.08. Additional selling pressure could bring 216.70 into play, with the next area of support at 215.25. If the selling intensifies, the low bear target for Apple on the day is 214.07.

Microsoft Corp.

Microsoft is trading near the key level of 414.56. For bulls to take control, they will need to push the price up to 416.32 and hold it as support. If the buying momentum continues, the next target would be 417.25. A strong uptrend could bring the price to the high bull target for the day of 419.17.

If 414.56 fails to act as support, the bears could push Microsoft down to 413.14. Further downside movement may bring 411.72 into play, and should the selling persist, the price could test 410.64. The low bear target for Microsoft on the day stands at 409.69.

NVIDIA Corporation

NVIDIA is currently trading around 107.51. Bulls are aiming to lift the price towards 109.12, with this level acting as the next support zone. A breakout above this level could lead to further gains, targeting 109.86. If bullish momentum persists, we may see a push toward the high bull target of 111.70 by the session’s end.

If 107.51 cannot hold, bears will likely target 106.30. Continued selling pressure could see the price move down to 105.23, and if the selling accelerates, a test of 103.96 is likely. Should this weakness continue, the low bear target for NVIDIA stands at 102.55.

Alphabet Inc Class A

Alphabet is trading near the support level of 148.95. For the bulls, a breakout above 149.58 could lead to a higher target of 150.41. Continued buying momentum would be key to reaching these levels, making 149.58 a critical area to watch during the session.

If 148.95 does not hold as support, we expect the bears to take control and drive the price lower to 148.24. Additional weakness could bring the price to 147.68. Should the selling pressure intensify, the low bear target for Alphabet is set at 146.89.

Meta Platforms Inc

Meta is trading around the key level of 504.54. Bulls are eyeing a rally to 508.25, which could act as strong support if buyers hold this level. If the momentum continues to the upside, we may see a test of 512.85. The high bull target for Meta stands at 515.39.

If 504.54 breaks down, bears will likely target a move lower to 500.83. Further selling could bring the price to 498.03. If the bears maintain control throughout the session, Meta could reach the low bear target of 495.54.

Tesla Inc.

Tesla is currently hovering near 223.98. Bulls will want to push the price to 226.53, with sustained momentum potentially leading to a test of 228.45. If the bullish momentum picks up, the next target would be 230.65. The high bull target for Tesla today is 233.49.

If 223.98 fails to act as support, bears may aim for a move lower to 222.19. Continued selling pressure could bring 220.65 into focus. Should the bearish momentum accelerate, Tesla could reach the low bear target of 219.39.

Final Word:  Today’s trading will be dominated by the release of the August CPI report at 8:30 AM ET, which is expected to have a significant impact on market sentiment and influence the Fed’s upcoming rate decision at next week’s FOMC meeting. Additionally, the 10-Year Treasury Note Auction at 1 PM ET will provide further insight into the bond market’s response to inflation expectations. With the potential for market-moving information from these events, traders should anticipate heightened volatility. Careful attention to risk management will be essential today. Good luck and trade safely!

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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This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.