Market Clubhouse Morning Memo - June 6th, 2023 (Trade Strategy For SPY, AAPL, U, TSLA, NVDA, MSFT, GOOGL, and COIN)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, AAPL, U, TSLA, NVDA, MSFT, GOOGL, and COIN.

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

SPY SPY, a prominent ETF tracking the S&P 500, is currently aiming to regain the 427.08 support level following Monday's mid-day market-wide selloff. For the bulls, we're hoping to reclaim and maintain 427.08 as support. We are eyeing 427.71 and 428.62 as our upside targets. Do bear in mind that 428.62 is a tough level to breach. If we fail to break through that level, expect a strong rejection at that price. If we can't reinstate 427.08 as support, we will likely descend to 425.75 to test as support. If that level fails to hold, the bear target below that is 424.52.

Apple Inc. 

Apple's AAPL shares achieved record highs as the WWDC event launched yesterday during Monday's session, with the company unveiling its new M2 Ultra chip, featuring AI capabilities. However, the announcement of Apple's VR headset sparked a 'sell the news' reaction, which resulted in a decline in earlier strength.

Apple is currently standing firm at our 178.61 support level. We are watching for Apple to display some early strength today and reclaim the crucial 179.36 level. If this level can be sustained as support, we should reach and maintain the upside channel of 180.60 and 181.25.

If Apple bounces off any of these levels, we're targeting 177.31 as downside support. Further weakness could lead to a decrease to 176.29.

Unity Software Inc.

Unity Software's U shares saw an uptick yesterday during Monday's session following their announcement of collaboration with Apple's new augmented reality headset. It's currently positioned between the 36.18 and 38.45 channels. If Unity Software ascends, we expect it to establish 38.45 as a new support level. The upside bull targets are 39.86 and ultimately 42.23.

If the market turns bearish today, we expect 36.18 to be tested as downside support. If that level were to break, our bear targets are 34.78 and 33.50.

Tesla Inc. 

Tesla TSLA, the renowned EV manufacturer, is currently holding support at 215.15 in Tuesday's premarket session. For the bulls, we're hoping to reclaim 217.78 as support. We're currently in a price agreement area where we need to see significant buying to see Tesla breakout of this range to the upside. Above 217.78, the key price levels to surpass are 219.39 and 220.52.

If 215.15 cannot serve as a support level for Tesla, we anticipate the bear targets of 213.89 and ultimately 211.53 to be tested.

NVIDIA Corporation

NVIDIA NVDA, the global tech giant, had a mixed session yesterday. The stock is currently hovering around our 390.33 support level and above our lower support level of 387.85. As long as these two levels continue to bolster NVIDIA's price, we expect the price to rise towards the higher targets of 392.27 and 394.89.

If 387.85 succumbs to selling pressure, we could potentially see 384.49 being tested on the downside.

Microsoft Corp.

Microsoft MSFT, a tech titan, had a strong early session on Monday, but displayed some weakness in the afternoon. We're currently monitoring it around our 335.96 price level. Our upside target is 337.80 to reclaim as support, with an ultimate upside range of 340.36.

If 335.96 acts as a rejection and topping area, we will consider 333.46 as a downside support target. If that level fails, our ultimate bear target is 331.24.

Alphabet Inc Class A

Alphabet Inc. GOOGL the tech conglomerate demonstrated significant strength yesterday, successfully reclaiming our price level of 126.01 as we discussed in yesterday's Morning Memo. This level is currently serving as support. Our bullish targets for today are 126.96 and 127.71.

If we see 126.01 starting to fail, we will look to our downside levels of 125.27 and 124.20 to once again serve as support.

Coinbase Global, Inc.

Coinbase Global, Inc. COIN, an American publicly traded company that operates a cryptocurrency exchange platform, is currently facing a lawsuit from the SEC announced on Tuesday during premarket trading. The stock was hit with substantial selling following the news. We're currently witnessing it stabilize around our 49.73 support level. If the market believes the sell-off was unwarranted and begins to reverse, we have upside targets of 51.87 and 53.70.

If the selling continues, we expect support around 47.76. If this level were to break to the downside, and extremely heavy selling persists, we would have an ultimate bear target of 43.87 in the event of a major sell-off.

Final Word: Today's session is relatively quiet on news and the Fed remains in a blackout period until their FOMC meeting in just over a week. We'll be keeping our ears open for any breaking news to guide our decisions today on how to play the price action. 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. Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will get early access to the Morning Memo just like this one every single day, hours before it goes to publication. For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience.