Market Clubhouse Morning Memo - June 12th, 2023 (Trade Strategy For SPY, QQQ, TSLA, NVDA, AAPL, And CVNA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, TSLA, NVDA, AAPL, and CVNA.

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  

Brace yourself for a thrilling week ahead packed with significant economic events. The Consumer Price Index (CPI) will be released on Tuesday, followed by the Federal Open Market Committee (FOMC) announcement on Wednesday, where the Fed is anticipated to declare a pause. Thursday brings us jobless claims and the Philly Fed Business Outlook, and the week concludes with Quad Witching on Friday. Tread carefully if you're not accustomed to trading during a week dense with data releases.

As of early Monday's premarket session, the SPY SPY is maintaining a support level of 431.04. Should this level endure, we expect the bulls to gain control, pushing upwards towards 431.78, with a further target of 432.28.

However, if the 431.04 level shows signs of faltering, we anticipate the bears taking over, pushing downwards towards 430.05. If this support level isn't robust, we may see a further drop to 429.28, with the potential for a further decline to 428.62 if the weakness persists.

Invesco QQQ Trust Series 1

The QQQs QQQ are striving to maintain the support level of 355.93 in Monday's premarket session. If this level succumbs to the downside pressure, we have our eyes on the pivotal 354.24 support level. A further slide might bring us to 353.50.

Conversely, if the 355.93 level stands strong, we anticipate the bulls to reclaim 356.83, with an upwards target of 357.94.

Tesla Inc.

Tesla TSLA is currently trading above our critical level of 246.16. Many who shorted the stock on Friday may find themselves in a tight spot this week. As long as the trading remains above 246.16, we anticipate an upward movement to 250.23 and possibly 252.38.

On the flip side, if the 246.16 support level weakens, we expect the bears to put 243.98 under test. More significant downward pressure might probe the 241.99 support level.

NVIDIA Corporation

NVIDIA NVDA , the global tech giant, is currently trading within the 390.33 and 392.27 channel. Bulls are hoping for a strong push above 392.27, which could lead to an upward movement towards 394.89.

If NVIDIA struggles to maintain above 390.33, we anticipate a bearish session that could push the stock lower, potentially testing 387.85 and further down to 384.49.

Apple Inc. 

Apple AAPL is currently trading slightly above our key level of 181.25 in Monday's premarket session. If this level holds, we're targeting a move up to 182.27.

Conversely, if Apple can't maintain the 181.25 support level, we anticipate a bearish test of 180.60.

Carvana Co.

Carvana CVNA, the fastest growing online used car dealer in the United States, experienced a significant sell-off on Friday, but it's currently holding at the 18.46 support level during Monday's premarket session. As long as this level holds, we're looking for a rise to 20.22.

However, if 18.46 can't hold during Monday's regular session, we expect a bearish drop towards 16.66.

Final Word: The week ahead promises to be eventful. If you're a novice trader, you should be particularly cautious given the expected volatility due to the CPI release and FOMC announcement. Practicing discipline will be essential for navigating the week successfully. Best of luck, traders!

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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