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 (SPY)
SPY is currently trading near our key level of 587.31. If buyers can step in early, we would like to see an initial move toward 589.71. Sustained strength above this area could encourage further upside movement into 592.00. If momentum remains intact through the session, a continued climb could bring 593.73 into play, with a potential test toward 595.14 as the high target for the bulls.
Should 587.31 fail to hold as support, we will be watching for sellers to challenge 585.75. A breakdown below this level could open the door to further weakness toward 584.68. If selling pressure accelerates, 583.18 will be the next level of interest. In an aggressive downside scenario, the bears may aim for a deeper move toward our low target of 581.97.
Invesco QQQ Trust Series 1 (QQQ)
QQQ is currently hovering near 517.97. A firm push above 518.65 would give buyers room to drive price action higher toward 519.87. If the bulls can maintain momentum, we will be watching for a potential move up into 521.15, followed by an advance toward 522.57. If strength persists through the day, the high-side target for QQQ sits at 523.91.
On the downside, failure to stay above 517.97 could see sellers take initiative and drive price toward 516.58. Continued weakness could expose the 515.00 level, and if bearish momentum grows, 513.64 will be tested. If sellers dominate the tape, our low target for the session is 511.53.
Apple Inc. (AAPL)
Apple is currently positioned around the 199.51 level. For bulls to gain control, we want to see 200.53 hold as a reliable base. A breakout above this support zone could see the price challenge 202.29. With solid buying pressure, the next upside targets include 203.48 and the high bull target for today at 204.33.
If the 199.51 level breaks down, we’ll look for a test of 198.79. Should selling intensify, Apple could trade lower toward 198.22. Additional weakness could invite a test of 197.69, and in the case of a heavy selloff, the low target for today would be 197.00.
Microsoft Corp. (MSFT)
Microsoft is currently auctioning just above 459.18. A strong hold and lift above this level could drive the price toward 460.78. If buyers can sustain control, 462.07 becomes the next area of focus. A continuation of bullish momentum could lift the auction toward 463.27, which is our high target on the day for MSFT.
Should 459.18 fail to act as support, sellers may press toward 457.25. A break below this could bring 455.77 into view. If downside momentum builds, 453.02 will be the next level to monitor, and the low target for the session would be 450.26.
NVIDIA Corporation (NVDA)
NVIDIA is currently near 134.56. Bulls would like to reclaim and hold 135.64 as a solid support area. If buyers can establish control, look for a potential advance toward 136.98. Further strength could drive the auction to 137.94, with the day’s high-side target sitting at 138.55.
If 134.56 cannot be defended, a move lower to 133.31 is likely. If this level breaks, 132.19 would be the next key level to watch. Should selling persist, NVIDIA could test 131.42, with the potential to fall toward the low target of 129.53.
Alphabet Inc Class A (GOOGL)
Alphabet is currently auctioning near 169.34. If bulls can push above and hold 171.14 as support, there is a clear path toward 172.28. Continued upside participation could drive the auction higher toward the high target of 174.01.
On the downside, failure to stay above 169.34 could open the door to a move toward 167.04. If sellers remain aggressive, 165.41 will be the next level of interest. A heavy round of selling could pull the price further down toward the low target of 163.79.
Meta Platforms Inc (META)
Meta is currently holding around 642.59. Bulls will need to defend 646.48 as a key support area to initiate a push toward 650.56. If buying momentum builds, price action could extend higher to 655.54, with an eventual test of the high bull target at 658.86.
If 642.59 is breached, sellers may drag the auction lower toward 635.49. Additional downside momentum could test 629.88, and if this area fails to hold, Meta may visit the low target of 622.01.
Tesla Inc. (TSLA)
Tesla is auctioning near 340.97. A bullish move above this level could ignite a rally toward 346.64. Continued buying would likely bring 350.87 into focus, with the potential for an advance toward 356.80. If buyers dominate today’s session, the high target for Tesla would be 363.84. If 340.97 cannot hold as a floor, bears could take the auction lower toward 333.93. If downside pressure persists, a test of 327.59 could follow. In the event of strong selling, the low target for Tesla today would be 322.52.
Final Word:
Today’s session kicks off June with a series of key economic releases and Fed speakers that could influence volatility. At 9:45 AM ET, we’ll see the S&P Global Manufacturing PMI for May. Then at 10:00 AM ET, the market will digest Construction Spending data for April alongside the ISM Manufacturing Index, including components such as Prices Paid, New Orders, and Employment.
Additionally, multiple Fed speakers are scheduled: Logan at 10:15 AM, Goolsbee at 12:45 PM, and Fed Chair Powell delivering remarks at 1:00 PM ET. With this stacked lineup and the fresh start to a new trading month, traders should be prepared for potential swings throughout the session. Stay sharp and manage your risk appropriately. Good luck today!
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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