Market Clubhouse Morning Memo - June 15th, 2023 (Trade Strategy For SPY, QQQ, AAPL, TSLA, MSFT, NVDA, And AI)

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

As anticipated, the Federal Reserve maintained the current interest rates. Nevertheless, the dot plot pointed towards a considerable shift towards hawkishness in 2023, as the median dot for the year jumped to 5.6% from March's 5.1%. This indicates a potential for two more hikes of 25 basis points each in 2023. The dots for 2024 and 2025 also rose from their March values, prompting a hawkish reaction, which caused a drop in both bonds and stocks. This trend, however, reversed when Federal Reserve Chair Jerome Powell seemed to adopt a more dovish tone in his press conference. He distanced himself from the dot plot, stressing the fluidity of the situation and the high level of uncertainty that hinges on incoming data.

Presently, SPY SPY is rejecting our crucial support level at 435.59, which held strong during most of Tuesday's trading session. We need to carefully monitor if this level continues to reject. If this level can be reclaimed as support, we're aiming for upside targets of 437.02 and 437.92. If we observe robust bullish momentum today, our ultimate upside target of 439.66 may be within reach.

On the other hand, if market participants display sell-side aggression today, and 435.59 cannot be reclaimed as a level of support, we're eyeing bear targets of 434.66 and 433.75. On a particularly weak day, we might see 432.28 tested if there's significant sell-off in the market.

Invesco QQQ Trust Series 1

QQQ Today's tech trade will be extremely pivotal in predicting the next market direction. Currently, the Q's are maintaining our key level of 363.23. Provided this level sustains its strength today, we're aiming for upside bull targets of 364.65, 365.59, and an ultimate test of 366.69.

However, if large tech names start showing weakness today, and the Q's fail to hold our level of 363.23, we'd like to see the bears push the auction down to 361.41 and 360.08. On a notably weak session, we are aiming for 357.94 on the downside.

Apple Inc.

At the moment, Apple AAPL is sustaining above the 183 price level and attempting to reclaim our upside support level of 183.38. Should Apple demonstrate buy-side strength today, our upside target is 184.09, with a further target of 184.35.

If the 183.38 level rejects bull action and sell-side activity continues, we're aiming for 182.27 on the downside for the bears.

Tesla Inc.

Yesterday marked an end to Tesla's TSLA 13-day continuous green rally. We observed a fair amount of selling during yesterday's after-hours session, and the sell-off persists in today's premarket session. We see the price action currently located between our channel of 246.16 and 250.23. We aim to watch these levels to guide our trade for Tesla's next price movement. If the bulls manage to push the auction above 250.23 and maintain that level, we're targeting 252.38 and 254.28 on the upside.

If the 246.16 level breaks on the downside, we're targeting 243.98 and 241.99 for the bears.

Microsoft Corp.

Microsoft MSFT, a tech titan, is striving to reclaim 335.96. If this level is reclaimed on the upside, we're targeting a topside of 337.80.

If today's auction is softer, we're looking once again at 333.46 to act as a strong support level. If this level breaks down on a weaker auction, we have a further downside target of 331.24.

NVIDIA Corporation 

NVIDIA NVDA, the global tech giant, carried on its massive rally yesterday with an influx of buyers during the regular trading hours session. However, we're currently witnessing a significant reversal of that strength in Thursday's premarket price action. If 425.92 can't be reclaimed today with strength, we're expecting to test 421.35 as a strength level. If that doesn't hold, and we see 419.36 breaking down as well, our bear target is 413.76.

If NVIDIA continues its rally today and we see 425.92 reclaimed early in the session, we're eyeing 432.36 as the bulls' target on the upside.

C3.ai Inc.

C3.ai AI, represented by the ticker AI, is currently  holding at a support level of 40.93. If this level holds today, we're targeting 42.28 on the upside with a further bull target of 43.41.

If we see 40.93 breaking down today, we're looking to establish a new lower support at 39.74.

Final Word: Today's market will set the stage for Friday's Quad Witching session. Keep an eye on the large cap tech stocks for indications of the market's direction. Also, monitor AI names closely as they have been a refuge for investors recently. If we see a significant outflow from large cap tech as well as AI names, the market could weaken. As always, stay alert and trade safely! Good luck!

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.