Market Clubhouse Morning Memo - June 29th, 2023 (Trade Strategy For SPY, QQQ, AAPL, NVDA, TSLA, MSFT, And U)

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

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

During the Sintra panel discussion, Federal Reserve Chair Powell didn't make any major revelations as expected. However, a rally in the indexes is currently underway in Thursday's premarket trade. SPY SPY is presently battling to secure our key support level at 437.92. A strong auction above this level will boost our bullish outlook as we approach the end of Q2 on Friday. If the bulls maintain control above this level, we project SPY targets at 438.78 and 439.66. An exceptional rally today might even reach our ultimate bull target of 441.06.

If SPY struggles to reclaim 437.92 and maintain it as support, we'll be interested to see how the auction performs around 437.02. If there's a breakdown at this level during a weaker session, we predict SPY will settle at 435.59, with a potential further fall to 434.66.

Invesco QQQ Trust Series 1  

The QQQ QQQ is currently maintaining support at our key level of 365.59. If this level remains strong today, it's likely that the bulls will establish 366.69 as a higher support level. If prominent tech stocks show significant strength today and 366.69 holds as a key support level, we anticipate the bulls will aim for 367.53 and 368.26 on the upside.

If tech fails to rally significantly today, we'll be watching to see if support at 364.65 can hold in the QQQ. A breakdown at this level may lead the bears to target 363.23 on the downside.

Apple Inc.

Apple's AAPL market cap exceeded 3 trillion dollars yesterday during regular trading hours but quickly fell off. The stock is once again approaching that mark in Thursday's premarket trade. If the bulls dominate Apple's stock today, we foresee 189.90 holding as a key support level with targets of 195 and possibly over 200 by week's end.

Should 189.90 face rejection, we'll monitor 189.13 for stability. However, if sellers emerge today and 189.13 begins to fall, we expect the bears to aim for 188.32 and 188.05.

NVIDIA Corporation  

NVIDIA NVDA has largely recovered from their losses following the China export news. The stock is currently hovering above our key level of 413.76. We'll remain bullish on the stock as long as it stays above this level today. Our bullish targets are 419.36 and 421.35.

If NVIDIA struggles to stay above 413.76, we predict the bears will aim for the downside level of 409.31. Further weakness and selling could potentially bring 405.18 into play.

Tesla Inc.

Tesla TSLA is poised for a promising trade today as it holds above our key level at 259.61. If this level is secure, we anticipate a test of our upside level at 262.68. With more strength today, bulls may target 264.46 and 266.83.

Microsoft Corp.

Microsoft MSFT, a tech titan, is well-positioned for a trade today, holding above our level of 335.96. On the upside, we expect Microsoft to test 337.80 with a potential maximum bull target of 340.36.

Conversely, if weakness emerges today and 335.96 struggles to hold as support, we expect our key downside level of 333.46 to be tested.

Unity Software Inc. 

Unity Software Inc. U, a video game software development company, has been experiencing a bull trend over the past few days, and the stock is currently striving to reclaim our key level of 45.07. If this level is established as support, keep an eye on the options flow today. If 45.07 is secured, we project an upside bull target of 46.35, and a sustained strong performance could aim for 47.10.

On the other hand, if 45.07 faces rejection, we anticipate 44.44 to be tested as downside support. If selling activity occurs in today's session and 44.44 fails to hold, we'll be watching for potential falls to 43.85 and 42.23.

Final Word: Today's session will concentrate on interpreting the stronger-than-expected GDP data and unemployment claims. Given the quarter's end on Friday, we anticipate another highly volatile session. Please trade with discipline and caution during today's session. Best of 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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