Market Clubhouse Morning Memo - August 2nd, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, AMD, And META)
Portfolio Pulse from RIPS
Market Clubhouse's Morning Memo discusses trade strategies for SPY, QQQ, AAPL, MSFT, AMD, and META. The analysis is based on a proprietary formula that considers price, volume, and options flow. The memo suggests potential price levels for each stock and advises traders to stay alert and adjust their tactics based on market conditions. The market's primary focus is expected to be on digesting the Fitch downgrade.
August 04, 2023 | 11:34 am
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NEUTRAL IMPACT
AAPL has recovered from the key level of 193.18 to above 194.29. If 194.29 holds, the upside target is 195.25. If bears regain control, 194.29 could be retested, with a strong sell-off potentially leading to 193.82.
The stock's price is currently at a critical level. If it holds above 194.29, it could continue to rise. However, if it fails to hold this level, it could fall.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
AMD's earnings report initially lifted the stock, but it then fell with the Fitch downgrade. Trading around 119.93, if this level holds, bulls may target 122.25. If sellers prevail, bears may target 117.66.
The stock's price is currently at a critical level. If it holds above 119.93, it could continue to rise. However, if it fails to hold this level, it could fall. The earnings report and the Fitch downgrade are significant factors to consider.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
META is holding above the key level of 317.90. If trading remains strong, the bullish path may lead to 321.03. If bears take over and 317.90 is breached, a move down to 315.70 could ensue.
The stock's price is currently at a critical level. If it holds above 317.90, it could continue to rise. However, if it fails to hold this level, it could fall.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
MSFT has bounced from the key level of 331.24 and is now trading above 333.46. If this level is breached with selling, bears may target 331.24. If 333.46 holds and buyers dominate, a move to 335.96 may occur.
The stock's price is currently at a critical level. If it holds above 333.46, it could continue to rise. However, if it fails to hold this level, it could fall.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
QQQ has rebounded from the Fitch downgrade and is trading below the key level of 380.41. If bullish traders overtake 380.41, the next target is 381.89. If weakness persists under 380.41, bears may drive the price down to 378.93.
The stock's price is currently at a critical level. If it breaks above 380.41, it could continue to rise. However, if it fails to break this level, it could fall. The Fitch downgrade is also a significant factor to consider.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
SPY has recovered from the Fitch downgrade and is trading just beneath the key level of 454.56. If bullish action prevails above 454.56, the next target for the bulls will be 455.14. If trading remains weak below 454.56, bears may dominate, driving the price down to 453.54.
The stock's price is currently at a critical level. If it breaks above 454.56, it could continue to rise. However, if it fails to break this level, it could fall. The Fitch downgrade is also a significant factor to consider.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100