Market Clubhouse Morning Memo - June 2nd, 2023 (Trade Strategy For SPY, TSLA, NVDA, MSFT, AAPL, and AI)

Good Morning Traders! In today's Market Clubhouse Morning Memo, our focus is on SPY, TSLA, NVDA, MSFT, AAPL, and AI. 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 overnight market has been in an uptrend after the debt ceiling was passed through the senate and now awaits President Biden's signature. We could see that risk-on appetite continues through today's session. Keep in mind the importance of being patient in your trading today, and allow the price action to work in your favor.

If we see the SPY SPY breaking out of the upside resistance level of 424.52 and continuing to hold as support, we would maintain our bullishness through the session across the broader market. The upside targets on SPY today are 425.75 and 427.08.

However, if we see SPY testing our downside support level 422.70 and it cannot hold, we could see a shift in momentum to the downside. The bear targets on SPY today are 421.98 and 421.15.

Tesla Inc.

Tesla TSLA, the renowned EV manufacturer, had a rocketing bullish day yesterday and has continued its upside momentum in the premarket. We currently find it looking to break the upside resistance of 211.53. If we see a clean break of that level, we are targeting 214.08. On an extremely bullish tape, we could see the target of 217.78 being hit.

If we experience a reversal in the momentum across the board today, we could see Tesla testing the downside targets of 209.51 and 208.48. Further bearish momentum could bring a retest of 206.09 today.

NVIDIA Corporation 

NVIDIA NVDA, the global tech giant, rallied hard in Thursday's session. We currently find it holding support at our level of 402.12.

If NVIDIA can hold onto 402.12 as support, we want to see it break above our upside resistance level of 405.18. A reclaim of this level would make our bull target 409.31.

If we see a break below 402.12, we're targeting 399.46 and ultimately the low bear target of 394.89.

Microsoft Corp. 

Microsoft MSFT, a tech titan, saw a rally in Microsoft on Thursday's trade. Today we find it meeting our resistance level of 333.46. Once again we expect Microsoft to battle for a reclamation of this price level. If we see a clear shift in the tape where buyers are present, we expect 333.46 to be reclaimed as support and two upside bull targets of 335.96 and ultimately 337.80.

However, if we can't find strength above 333.46 and Microsoft's price action begins to roll, we are looking for 331.24 to be tested as support. Further weakness in the market could bring a test in price action as low as 328.52

Apple Inc.

Apple AAPL had an extraordinary bullish day yesterday during Thursday's auction. We currently find the tech behemoth trying to make its way above 181.25 to claim the level as a new support. If we do indeed see that price action, we have a bull target to the upside of 182.27. If the buying momentum continues, we could possibly see an upside push to 183.40.

If we do see a bit of selling in the session today, expect 180.60 to be tested as support, and if this price level fails, we could see 179.36 being revisited once more.

Alphabet Inc Class A 

Alphabet Inc.GOOGL the tech conglomerate, has still had trouble breaking out or breaking down meaningfully in the last few sessions. We currently find it once again testing the upside resistance level of 124.20.

If we do see Google today finally breaking out to the upside, our primary target is 126.01.

However, if the auction cannot drum up enough momentum to the upside, 122.87 to the downside would likely be tested as support. Further failure in price action would visit our level of 121.86.

C3.ai Inc.

C3.ai AI, represented by the ticker AI, is still sorting out mixed price action following their earnings report. We have seen the ticker have some trouble meaningfully breakout from our key price level of 35.62. If we can find the strength in today's auction and 35.62 is reclaimed as support, we could see 37.23 being tested with a high bull target of 39.74.

If we do see continued selling and profit-taking in the auction today, 32.65 will be tested as support with a further downside target of 30.93.

Final Word: It's easy to get emotionally caught up in the price action and make irrational decisions. Allow the price levels to work in your favor and guide your trades. Do not rush into anything and make sure you have a clear plan in place before putting any trades on. Today is the final day of trading this week and it's best to end the week on a high note. Stay disciplined and respect your trade plan.

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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