Market Clubhouse Morning Memo - June 1st, 2023 (Trade Strategy For SPY, TSLA, AI, AAPL, GOOGL, and NVDA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, our focus is on SPY, TSLA, AI, AAPL, GOOGL, and NVDA. 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 during our daily Morning Call, 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

The overall market sold off early yesterday on Wednesday, but was met with a mid-day rally due to key voting Fed members suggesting a 'skip' in rate hikes for the June FOMC meeting. The two key levels we are looking to see hold in the SPY SPY are 418.17 and 417.47. As long as SPY can hold above those levels, we are targeting the upside levels of 420.05 and 420.69.

If the downside level of 417.47 is pierced with major selling momentum, the main downside target is 416.54 to be tested as new support.

Tesla Inc.

Tesla TSLA , the renowned EV manufacturer, has had some issues breaking out to the upside and producing a meaningful rally in the last few sessions. The level we need to see break to the upside is 204.03. If we see Tesla breaking that level, the upside targets are 206.09 and 208.48.

If Tesla continues to reject 204.03 and 202.91 to the upside, we would expect it to find its strength around 198.62. If 198.62 can't hold as support, expect 196.54 to be probed for strength.

C3.ai Inc.

C3.ai AI, represented by the ticker AI, beat on both the top and bottom line for their earnings report on Wednesday after the bell. However their weak guidance missed expectations and sent the stock hurling to the downside. We have seen C3 AI find meaningful support at our key level of 30.93 and now reclaim our bull level of 32.65. As long as this level of 32.65 can hold as support, we have an upside target of 35.62.

If 30.93 breaks down and we see some selling on the tape, expect to see 28.26 tested as a new support to the downside.

Apple Inc. 

We saw a sharp sell-off in Apple AAPL towards the close of Wednesday's regular trading hours session. Apple finally found a bottom at our key level of 177.31. As long as Apple can hold this level of 177.31 as support, we expect the upside target of 179.36 to be tested on bullish momentum.

However, if 177.31 starts to break down and the market is rolling, we could see 176.29 being tested to the downside for a new level of support. Further weakness could bring the auction down to 175.09.

Alphabet Inc Class A

Alphabet Inc. GOOGL the tech conglomerate, had an auction over the last few sessions but has found price agreement in the channel between 122.87 and 124.20. We're looking for Google to break out of this channel to determine its next leg of price action. If Google can find strength in the market and rally above 124.20, we are targeting 126.01 to the upside, with an ultimate target of 126.96.

If we see Google exhibit weakness across the tape, we expect to see 122.87 fail with two potential bear targets of 121.86 and 120.96.

NVIDIA Corporation 

NVIDIA NVDA, the global tech giant, has been selling off sharply since Tuesday's high of 419.38. We now find it amongst some consensus in price between the channel of 376.84 and 384.49. We'd like to see a clean breakdown of 376.84 to find its next bear target of 370.79.

However, If we can see NVIDIA regaining some buying momentum, expect 384.49 to be reclaimed as support to the upside, with further bull targets of 390.33 and 394.89.

Final Word: Today's session is light on Fed speak, and price action would likely be dictated by the digestion of the data out in the early session as well as any breaking news headlines. As always, stay safe, trade smart, and be the most disciplined version of yourself as a trader

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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