Market Clubhouse Morning Memo - June 21st, 2023 (Trade Strategy For SPY, QQQ, AAPL, TSLA, MSFT, NVDA, And META)

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

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 index futures have remained fairly steady overnight, following a somewhat flat performance yesterday, save for a swift recovery from a brief intraday dip. Jerome Powell's semiannual address to the House Financial Services Committee at 10AM ET is anticipated to drive much of today's market activity.

The SPY SPY is presently battling around our key support level of 437.02. If Powell's testimony today continues to be dovish, we anticipate a potential breakout above the 437.02 mark with further buying bringing the price action to our key level of 437.92. If this level holds, we have two bullish targets at 438.78 and 439.66 in sight. In the event of a significant market rally, our ultimate bullish target is 441.06.

However, should Powell's testimony take a hawkish turn, leading to a market sell-off, we will watch to see if the 437.02 level breaks and ceases to serve as a support level. For bearish outcomes, we have downside targets of 435.59 and 434.66. If the sell-off is extremely violent, the ultimate bear target is 433.75.

Invesco QQQ Trust Series 1

The QQQ QQQ is striving to maintain above our critical level of 366.69. If this level fails to hold, we anticipate enhanced support at 365.59. A strong hold at either level coupled with buying activity could invite bullish movement towards the 369.39 mark. In the event of a significant tech breakout today, driven by Powell's testimony, our ultimate bullish target is 371.96.

If the markets show weakness today and 365.59 doesn't hold as a significant support level, our bearish target is 364.65. Should this level break with heavy selling, we anticipate a test of the 363.23 mark.

Apple Inc.

Apple AAPL is shaping up well for a potential trade. As of Wednesday's premarket, it's maintaining our key level of 184.59 as support. If it can rise above 184.96 and secure this level as support, we anticipate bullish movement towards 185.53 and 185.86.

If the market weakens today and 184.59 fails to hold as support, we expect bearish movement towards the 184.35 and 184.09 marks.

Tesla Inc.

Following a highly robust session on Tuesday, spurred by rumors of Tesla TSLA establishing a manufacturing base in India, the stock is currently encountering resistance at our key level of 279.43. If this level can't be broken upwards, we expect bearish attempts to test our downside targets of 272.42 and 269.48.

However, if bullish activity dominates today and the 279.43 mark is broken upwards, we anticipate the 281.32 level being tested as new support, with an ultimate bullish target of 286.34.

Microsoft Corp.

Microsoft MSFT is holding steady at our key level of 335.96, setting up for a promising play. If 335.96 continues to hold, we remain bullish with upside targets of 337.80 and 340.36.

Should bearish activity prevail today and 335.96 is breached downwards, we expect bearish revisitation of our key level of 333.46.

NVIDIA Corporation

NVIDIA NVDA continued its remarkable bullish run to reach all-time highs yesterday. It has since pulled back slightly in Wednesday's premarket session. It currently stands between our channel of 434.01 and 436.56. If it can maintain these levels today, we're targeting 439.87 on the upside, with potential blue-sky targets of 445 and 450.

If tech sees widespread selling today, we're expecting a clear break of> 432.36 to the downside, with 429.17 as a bearish target.

Meta Platforms Inc

Meta META experienced a bullish rally yesterday, pushing the stock to our key upside level of 284.18. We're monitoring whether this can be established and maintained as a strong support level. If the bulls dominate today, our upside target is 286.94.

However, if 284.18 persists as a strong resistance level, our bearish target is a test of 280.96 as support.

Final Word: The market's primary focus today will be Jerome Powell's testimony at the House Financial Services Committee. Powell has predominantly been dovish in his public appearances throughout 2023. If this pattern persists, we might observe buy-side activity across the market today. However, if Powell displays a hawkish stance today, we might witness a substantial downward movement. In this volatile market, it's crucial to remain alert and prepared for any possible outcomes. Best of luck to everyone!

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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