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 762.75 as markets begin September and the final month of Q3 with a packed economic calendar. The key concentration of data arrives at 10:00AM ET, giving traders simultaneous updates on manufacturing, labor demand, construction, and economic optimism. If buyers defend 762.75, a move toward 768.75 may develop, followed by 774.75 if momentum builds. Sustained strength above 780.75 would improve the short term structure and put buyers back in control.
If SPY loses 762.75 with conviction, sellers may press into 756.75. A breakdown there could expose 750.75, while continued weakness may bring the 744.75 region into focus. With several meaningful reports arriving simultaneously, traders should be careful about chasing the initial 10:00AM reaction before Treasury yields and market breadth confirm the direction.
The beginning of a new month can also bring fresh institutional allocations and portfolio flows following yesterday's month end adjustments. With economic data capable of changing the growth and rate narrative at the same time those new flows enter the market, today's price action could be considerably more active than a typical first session of the month.
Invesco QQQ Trust Series 1 (NASDAQ: QQQ)
QQQ is currently trading around 709.25 and remains below recent highs as technology continues working through its recent consolidation. Today's ISM and JOLTS data could influence Treasury yields and expectations for monetary policy, making the 10:00AM ET window particularly important for growth stocks. If buyers defend this pivot, price may advance toward 716.25, followed by 723.25 if momentum strengthens. Sustained strength above 730.25 would begin repairing the recent short term weakness.
If 709.25 fails to hold, sellers may drive price toward 702.75. A deeper breakdown could expose 696.25, while continued weakness may bring the 689.75 region into play. Watch whether semiconductors and the largest technology components confirm any directional move in the index.
The combination of ISM Prices Paid and JOLTS could create competing signals if inflation pressures and labor demand move in opposite directions. Treasury yields should provide useful confirmation of how markets ultimately interpret the data.
Apple Inc. (NASDAQ: AAPL)
AAPL is currently trading around 316.75 and continues to show relative stability compared with several other mega cap technology names. If buyers defend this pivot, price may rotate toward 322.00, followed by 327.25 if momentum builds. Sustained strength above 332.50 would reinforce the constructive short term structure.
If 316.75 breaks lower, sellers may test 311.75 quickly. Continued downside pressure could extend into 306.75, while deeper weakness may bring the 301.75 region into focus. Continued relative strength against QQQ would remain a constructive indication of institutional demand.
Microsoft Corp. (NASDAQ: MSFT)
MSFT is currently trading around 502.50 and remains just above the psychologically important 500 level. Holding this area would keep the recent recovery constructive and could encourage additional buying if technology responds favorably to today's data. If buyers defend 502.50, price may advance toward 509.75, followed by 517.00 if momentum builds. Sustained strength above 524.25 would reinforce institutional sponsorship.
If 502.50 fails to hold, sellers may press into 495.50. A deeper pullback could test 488.50, while continued weakness may bring the 481.50 region into play. The reaction around 500 remains one of the clearest short term sentiment gauges for MSFT.
NVIDIA Corporation (NASDAQ: NVDA)
NVDA is currently trading around 217.50 and remains an important leadership gauge for semiconductors and QQQ. If buyers defend this pivot, a move toward 224.75 may develop, followed by 232.00 if momentum strengthens. Sustained trade above 239.25 would indicate renewed upside expansion and improve the broader semiconductor structure.
If 217.50 fails to hold, sellers may test 211.50 quickly. Continued downside could extend into 205.50, while deeper weakness may bring the psychological 200 area into focus. With technology already trading below recent highs, NVDA's ability to attract buyers could provide an important read on whether risk appetite is beginning to improve.
Alphabet Inc Class A (NASDAQ: GOOGL)
GOOGL is currently trading around 336.50 and remains under pressure following its extended period of relative weakness. If buyers defend this level, price may rotate toward 343.00, followed by 349.50 if momentum improves. Sustained strength above 356.00 would indicate a more meaningful recovery attempt.
If 336.50 fails to hold, sellers may guide price toward 330.50. A breakdown there could expose 324.50, while continued weakness may bring the 318.50 region into play. Continued underperformance while QQQ stabilizes would reinforce the presence of stock specific selling pressure.
Meta Platforms Inc (NASDAQ: META)
META is currently trading around 565.00 and continues attempting to rebuild its short term structure following the recent pullback. If buyers defend this pivot, a push toward 572.50 may develop, followed by 580.00 if momentum builds. Sustained strength above 587.50 would put the psychologically important 600 area increasingly within reach.
If 565.00 breaks lower, sellers may guide price toward 558.00. A deeper pullback could test 551.00, while continued weakness may bring the 544.00 region into focus. Buyers still need to establish sustained acceptance at higher prices before the larger recovery becomes convincing.
Tesla Inc. (NASDAQ: TSLA)
TSLA is currently trading around 362.75 and continues to show notable relative strength following its recent recovery. If buyers defend this pivot, a move toward 371.25 may develop, followed by 379.75 if momentum continues. Sustained strength above 388.25 would reinforce the bullish short term structure and indicate continued speculative demand.
If 362.75 fails to hold, sellers may test 354.75 quickly. Continued downside pressure could extend into 346.75, while deeper weakness may bring the 338.75 region into play. TSLA's ability to maintain strength while several other large cap technology names remain under pressure should continue to be monitored.
Final Word: Today's economic calendar kicks off September and the final month of Q3 with a packed slate of data, highlighted by a particularly busy 10:00AM ET window. Redbook Retail Sales begins the morning at 8:55AM ET, followed by Final S&P Global Manufacturing PMI at 9:45AM ET. At 10:00AM ET, markets receive ISM Manufacturing, Prices Paid, New Orders and Employment alongside JOLTS Job Openings, Quits and Layoffs, Construction Spending, and the RCM/TIPP Economic Optimism Index. Dallas Fed Services Activity follows at 10:30AM ET.
The combination of ISM and JOLTS should command the most attention. ISM will provide a fresh look at manufacturing activity, demand, employment, and input price pressures, while JOLTS offers a deeper look into labor demand and worker confidence through job openings, quits, and layoffs. ISM Prices Paid could be particularly important for Treasury yields if it signals renewed inflation pressure, while a meaningful change in job openings or layoffs could alter the market's view of labor market strength.
Because so many reports arrive simultaneously, today's market reaction may depend on the combined economic message rather than any single headline. Stronger manufacturing and labor demand accompanied by rising prices could push yields higher as markets reassess policy expectations. Softer activity with easing price pressures could produce the opposite reaction, while conflicting signals may create an initial whipsaw as traders work through the details.
Today's session also marks the first trading day of a new month and the beginning of the final month of Q3. Fresh institutional allocations and beginning of month flows can add another layer to price action following yesterday's month end positioning. With a major concentration of data at 10:00AM ET, watch Treasury yields, market breadth, and technology leadership for confirmation before assuming the first move represents the day's true direction. Good luck and trade safely!
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.