Good Morning Traders! In today's RIPS 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 (NYSEARCA: SPY)
SPY is currently trading around 751.00 as markets begin the first trading day of August following a volatile finish to last week. If buyers defend this level early, a move toward 756.50 may develop, followed by 762.00 if momentum builds into the afternoon. Sustained strength above 767.50 would suggest buyers are regaining control and positioning for another leg higher.
If SPY loses 751.00 with conviction, sellers may press into 745.50. A breakdown there could expose 740.00, while continued weakness may bring the 734.50 region into focus. Expect volatility around the 10:00AM ET economic releases.
Invesco QQQ Trust Series 1 (NASDAQ: QQQ)
QQQ is currently trading around 688.75 and continues to consolidate after a volatile earnings season. If buyers defend this pivot, price may rotate toward 695.50, followed by 702.25 if momentum improves. Sustained strength above 709.00 would indicate renewed leadership from large cap technology.
If 688.75 fails to hold, sellers may drive price toward 682.75. A deeper breakdown could expose 676.75, while continued weakness may bring the 670.75 region into play. Watch semiconductors and Treasury yields closely.
Apple Inc. (NASDAQ: AAPL)
AAPL is currently trading around 311.75 and continuing to trade with constructive price action following recent earnings. If buyers defend this pivot, price may push toward 317.00, followed by 322.25 if momentum builds. Sustained strength above 327.50 would indicate continued institutional accumulation.
If 311.75 breaks lower, sellers may test 306.75 quickly. Continued downside pressure could extend into 301.75, while deeper weakness may bring the 296.75 region into focus.
Microsoft Corp. (NASDAQ: MSFT)
MSFT is currently trading around 475.25 and remains one of the market's strongest large cap leaders. If buyers defend this level, price may advance toward 482.50, followed by 489.75 if momentum builds. Sustained strength above 497.00 would signal continued institutional demand and trend continuation.
If 475.25 fails to hold, sellers may press into 468.50. A deeper pullback could test 461.75, while continued weakness may bring the 455.00 region into play. You can catch Rips every Monday through Friday at 8AM EST streaming live for FREE on YouTube at https://www.youtube.com/@RipsTrades and on Kick at https://kick.com/rips where he breaks down the markets in real time and helps traders level up.
NVIDIA Corporation (NASDAQ: NVDA)
NVDA is currently trading around 198.75 and continuing to consolidate near an important psychological level. If buyers defend this pivot, a move toward 205.75 may develop, followed by 212.75 if semiconductor momentum improves. Sustained trade above 219.75 would indicate renewed upside participation.
If 198.75 fails to hold, sellers may test 192.75 quickly. Continued downside could extend into 186.75, while deeper weakness may bring the 180.75 region into focus.
Alphabet Inc Class A (NASDAQ: GOOGL)
GOOGL is currently trading around 362.50 and attempting to stabilize after recent weakness. If buyers defend this level, price may rotate toward 369.00, followed by 375.50 if momentum builds. Sustained strength above 382.00 would indicate improving upside participation.
If 362.50 fails to hold, sellers may guide price toward 356.50. A breakdown there could expose 350.50, while continued weakness may bring the 344.50 region into play.
Meta Platforms Inc (NASDAQ: META)
META is currently trading around 567.00 and working to recover after recent selling pressure. If buyers defend this pivot, a push toward 574.50 may develop, followed by 582.00 if momentum builds. Sustained strength above 589.50 would indicate improving sentiment and stronger institutional participation.
If 567.00 breaks lower, sellers may guide price toward 560.00. A deeper pullback could test 553.00, while continued weakness may bring the 546.00 region into focus.
Tesla Inc. (NASDAQ: TSLA)
TSLA is currently trading around 312.50 and continuing to trade with elevated volatility. If buyers defend this pivot, a move toward 320.50 may develop, followed by 328.50 if momentum continues. Sustained strength above 336.50 would indicate renewed speculative buying interest.
If 312.50 fails to hold, sellers may test 305.00 quickly. Continued downside pressure could extend into 297.50, while deeper weakness may bring the 290.00 region into play.
Final Word: Today's economic calendar kicks off the first trading day of August with several closely watched manufacturing and construction releases. Markets will receive the Final S&P Global Manufacturing PMI at 9:45AM ET, followed by the ISM Manufacturing Report at 10:00AM ET, including Prices Paid, New Orders, and Employment. Construction Spending will also be released at 10:00AM ET, providing additional insight into business activity and the overall strength of the U.S. economy.
Treasury activity continues with the 3 and 6 Month Bill Auction at 11:30AM ET and Treasury Financing Estimates after the close. After last week's busy slate of FOMC headlines and megacap earnings, markets will shift their attention back toward incoming economic data to gauge the health of the manufacturing sector and the broader economy as August gets underway. Good luck and trade safely!