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 around our identified pivot at 596.57. For bullish momentum, buyers should initially aim to reclaim 598.04. Sustained strength above this mark would position SPY for a test at our next crucial level of 599.24. If buyers successfully secure this level during regular hours, expect upward momentum towards 600.51, with the day’s upper bullish target at 601.22.
Should 596.57 fail to maintain support, sellers will likely drive the action towards 595.14. Persistent bearish pressure would subsequently target 593.73. If selling intensifies significantly at that level, expect a deeper decline towards robust support at 592.00, and if market weakness escalates further, our downside bearish target would be set at 589.71.
Invesco QQQ Trust Series 1 (QQQ)
The QQQ is presently trading around our significant level at 528.44. Bulls need to confidently secure this point and advance towards a confirmed support at 530.70. Ongoing bullish sentiment could drive prices higher to 532.52, and a further surge might facilitate a test at 533.70. Our optimistic target on the upside today for QQQ is pegged at 534.60.
Conversely, if buyers struggle to sustain price above 528.44, bears are expected to take command, targeting a decline towards 527.03. A continued push lower may challenge support at 525.19. Under heavy selling conditions, 523.91 would come into focus, with heightened bearish activity potentially driving prices down to today’s bearish target at 522.57.
Apple Inc. ( AAPL)
Apple is currently auctioning around the pivotal area of 202.29. Bulls aim to establish support firmly at 203.48, paving the way for further advances toward 204.33. If momentum persists, the price could accelerate upwards to 205.54, potentially culminating at today’s bullish objective of 206.55.
If Apple fails to sustain the current level at 202.29, bearish traders will likely press downward to test 200.53. Continued sell-side action would further push prices toward 199.51. Persistent selling pressure could challenge 198.79, and breaking this level decisively may drive Apple toward our low-end bearish target of 198.22.
Microsoft Corp. (MSFT)
Microsoft is currently trading near our crucial area of 462.07. Bullish participants need to firmly reclaim the level of 463.27 to bolster a push higher towards 464.70. Sustained momentum above this critical threshold would likely propel prices upward to test 466.44, and continued buyer enthusiasm may reach our high-end bullish target at 467.65.
On the downside, inability to hold 462.07 as reliable support would open the door for bearish traders to target 460.78 initially. Further selling could see prices move towards 459.18. If selling pressure intensifies significantly, expect a deeper probe downward towards 457.25, ultimately aiming for today’s bearish downside target at 455.77.
NVIDIA Corporation ( NVDA)
NVIDIA is trading near our key level at 142.35. For the bulls, the immediate goal is securing a move upwards toward 144.21, establishing clear support. Should buyer activity remain robust, anticipate further gains toward 145.61, and continued bullish strength might elevate the price toward 147.06, with today’s optimistic bullish target set at 148.52.
If 142.35 fails to hold as dependable support today, sellers will target 141.21 initially. Persistent bearish momentum could push NVIDIA down toward 140.28. Intensifying selling pressure could lead to testing the lower boundary at 139.42, with extreme bearish action potentially driving price to our low target for NVIDIA at 138.55.
Alphabet Inc Class A (GOOGL)
Alphabet is trading near our pivotal level of 167.04. Buyers aim to secure firm support at 169.34 to facilitate an advance towards 171.14. Continued bullish sentiment could drive the price higher, targeting today’s bullish objective at 172.28.
Conversely, a failure to maintain 167.04 as reliable support could see sellers pushing prices down toward 165.41. Further selling may intensify a decline toward 163.79. Under significant bearish momentum, Alphabet could test today’s bearish target level at 161.79.
Meta Platforms Inc (META)
Meta is currently auctioning around our level of interest at 671.80. Bullish traders must hold firm support here and target upward momentum toward 676.46. Continued buying strength might propel prices towards 679.79, and sustained bullish action could potentially achieve today’s upper bullish target at 683.97.
Should 671.80 not hold as stable support, sellers will likely push lower toward 667.99. Additional downside momentum could bring 663.33 into focus. If bearish pressure deepens significantly, prices might continue downward to test today’s low-end bearish objective at 658.86.
Tesla Inc. (TSLA)
Tesla is currently trading around our key price zone at 346.64. Buyers should aim to propel the price upwards initially toward 350.87. Persistent bullish sentiment could lift prices further toward 356.80. If broader market strength prevails, expect a potential test higher at 363.84, with a strong influx of buyers possibly achieving today’s bullish target at 370.22.
On the flip side, a failure at 346.64 would likely induce selling pressure, targeting a decline initially toward 340.97. Continued bearish activity could bring 333.93 into play. If sellers significantly overwhelm buying interest, anticipate Tesla descending toward our bearish downside target at 327.59.
Final Word:
Today’s economic calendar features key releases beginning at 8:15AM ET with the ADP Non-Farm Employment Change for May, providing early insight into labor market strength. At 9:45AM ET, attention shifts to Canada’s Bank of Canada Interest Rate Decision, followed closely by the crucial Post-Decision Press Conference at 10:30AM ET with insights from BOC Governor and Senior Deputy Governor. Additionally, at 9:45AM ET, traders will analyze the May Final S&P Global Services PMI figures. Rounding out a busy morning at 10:00AM ET, market participants will digest comprehensive May ISM Services Index data, including Prices Paid, New Orders, and Employment figures. 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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