Market Clubhouse Morning Memo - June 27th, 2023 (Trade Strategy For SPY, QQQ, TSLA, AAPL, NVDA, GOOGL, And MSFT)

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

SPY SPY experienced a temporary rise in the after-hours trade, only to decline in the premarket down to the significant level of 431.78. We're observing if this point can serve as a support for bullish investors. If this level is sustained, our upside target is a recovery of 432.28. Should that mark then prove to be robust support, we hope to see bullish investors aiming for 432.91 and 433.27.

If today's trading session reveals ongoing weakness, we're keen to see if bearish investors will test the downside target of 431.04 and push it lower with sell-offs. Below that point, our bearish targets are 430.05 and 429.28.

Invesco QQQ Trust Series 1

The Q's QQQ are currently trading within our range of 357.94 and 360.08. For bullish investors, we're looking for a decisive recovery of 360.08 with potential upside targets of 361.41 and 363.23.

However, if we see another weak trading session today with a broad sell-off in tech stocks, we're keen to see if 357.94 will fail downwards with bear targets of 356.83 and 355.93.

Tesla Inc.  

Tesla TSLA surrendered a significant portion of its recent advances in Monday's session marked by heavy sell-offs. We noted the stock hitting bottom at our key level of 238.50 in Monday's after-hours trade. Tuesday's premarket session has revealed buying interest, with a strong recovery above our support level at 242.47. If 242.47 can be maintained, we're keen to see if bullish investors can target 246.16 on the upside. If there's a surge of buying interest, we could see bullish investors aiming for further upside targets of 248.37 and possibly 250.23.

If Tesla's weakness persists today, we're likely to revisit the lower support level at 238.50. If the bearish investors once again dominate the trading, we could see Tesla hitting weekly lows with targets of 235.74 and 233.49.

Apple Inc.  

Apple AAPL currently trades within our range of 185.53 and 185.86. We are closely monitoring the price movements to anticipate the direction of the next price shift. If we see a clear display of strength above 185.86, our upside targets are 186.35 with a further bullish target of 186.99.

If the price falls below the lower level of 185.53, we're looking for bearish investors to target 184.96. Continued sell-offs in Apple could push the price down to 184.59.

NVIDIA Corporation

NVIDIA NVDA, the global tech giant, witnessed a significant sell-off yesterday, with the stock shedding over 20 points at its lowest during regular trading hours. We now see the ticker attempting to sustain our support level of 409.31. If this level holds firm during today's trading session, we're looking for bullish investors to target 413.76. If there's a massive influx of buyers, our ultimate upside target is 419.36.

If today's trading session reveals ongoing weakness, we'll be interested to see how the trading is received around 405.18. If bearish investors control the trade and sellers are active, we're looking for a test of 402.12 with a final downside target of 399.46.

Alphabet Inc Class A  

Alphabet Inc. GOOGL, the tech conglomerate displayed considerable weakness in Monday's trading session to kick off the week. We have found support at our lower level of 116.96. If we can see a rebound in today's trading, we're targeting our two upside levels of 118.30 and 119.58 for bullish investors.

If we continue to see weakness in major tech stocks today, it's likely that we will witness 116.96 breaking down, with bearish investors targeting 115.48 on the downside.

Microsoft Corp.

Microsoft MSFT suffered a sell-off in Monday's trading, but has rebounded in the early pre market on Tuesday. We're closely monitoring if Microsoft can recover the upside level of 331.24. If the trade remains above this level today, while demonstrating strength, our bullish target is our key upside support level at 333.46.

If we witness a breakdown today and 331.24 is not reclaimed as support, we're likely to see 328.52 tested once again as downside support. If this level fails to serve as support, bearish investors are targeting 326.05.

Final Word: Today's session is packed with critical data that the market will process, possibly leading to erratic price movements. Key data being released after the market opens include New Home Sales for May, Conference Board Consumer Confidence for June, the Richmond Fed Manufacturing Index, and the Dallas Fed Services Activity for June. Given the volume of data being published today, we should anticipate substantial volatility in today's price action. Good 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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