Market Clubhouse Morning Memo - June 14th, 2023 (Trade Strategy For SPY, TSLA, AAPL, AMZN, NVDA, And MSFT)

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

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 long-awaited FOMC meeting is taking place today, and it is anticipated that the Fed will put their rate hiking cycle on hold. The key query is whether this halt will be temporary or mark the end of the cycle. While there's been varying conjecture about whether the Fed will opt to increase rates or maintain the status quo, most voting members lean towards deferring a rate hike to assess the overall impact of prior tightening actions and recent bank failures. This view was further reinforced by Fed Vice Chair nominee Jefferson just prior to the FOMC's communication blackout period. Although the Board's leadership largely agrees, the growing rift between the more cautious and more assertive members might become more conspicuous. Almost 40% of respondents in a Bloomberg economist survey expect a leaning towards a more aggressive policy dissent on Wednesday. If the more assertive members aren't convinced to forego a rate hike at the June FOMC meeting, it could incite a dissenting vote. Today's session is expected to be incredibly tumultuous, with the FOMC rate decision at 2:00 PM ET, followed by Jerome Powell's press conference half an hour later.

Presently, SPY SPY is holding steady between 437.02 and 437.92 in the premarket. If 437.92 holds and the FOMC announcement is dovish, our SPY targets for today are 439.66 and 441.06. If the FOMC announcement is extremely dovish, hinting at the end of the rate hiking cycle, our ultimate bullish target is 443.42.

Conversely, if there's any hawkish sentiment, uncertainty about future hikes, or a discordant tone in the FOMC announcement and press conference, we predict 437.02 will act as a resistance level with bearish targets of 435.59 and 434.66. Extreme hawkish sentiment and uncertainty about rate future could have the bears aiming for lower price levels of 433.75 and 430.62, with an extreme bear target of 426.37.

Tesla Inc.

Currently, Tesla TSLA is struggling to maintain our critical level of 262.68 in the premarket after its 13th straight positive session. For bears, we want to see a definite failure of 262.68 with lower targets of 257.56 and 254.28.

However, if bulls can uphold strength above 262.68, we are targeting an upward price action up to 269.48. On an extraordinarily bullish day, we could aim for a high of 279.43, but this would require a highly dovish move from the Fed and a likely affirmation that the potential FOMC pause is here to stay.

Apple Inc.

Apple AAPL experienced a mixed session yesterday and is currently attempting to stay above our level of 183.38. If Apple can attract buyers in today's auction, our upside targets are 184.35 and 184.96, potentially setting new all-time highs.

However, if today's FOMC meeting leans hawkish, we're watching for bears to target 181.25 to the downside, potentially testing 180.60. More intense selling could push the session much lower with a target of 178.61.

Amazon.com, Inc.

Amazon AMZN, a global technology behemoth with diverse interests, is holding steady at our key level of 126.46. If this strength persists, we're aiming for the bulls to target 129.23 on the upside.

However, if we see a downward break from 126.46, we're watching for bears to push the stock down to our level of 123.77.

NVIDIA Corporation

NVIDIA NVDA, the global tech giant, demonstrated significant strength in yesterday's session. For the bulls today, our goal is to retake 409.31 on the upside with a potential retest of 413.76. Above that, we're setting our sights on 419.36.

For the bears, we're looking to see if they can push down to 405.18. If that support breaks, downside targets are 402.12 and 399.46.

Microsoft Corp.

Microsoft MSFT, a tech titan, is currently at our key support level of 333.46. If this level holds today, we're targeting 335.96 and 337.80 on the upside.

However, if 333.46 starts to falter and the bears dominate today's trading, we're looking at downside targets of 331.24 and potentially 328.52.

Final Word: Today is one of the most pivotal days of the year. It's crucial to stay alert and prepared for potential volatility. If you're new to news trading, it might be prudent to either sit out today or trade with a significantly smaller volume than usual. Wishing everyone good luck today!

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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