Market Clubhouse Morning Memo - June 30th, 2023 (Trade Strategy For SPY, QQQ, AAPL, TSLA, NVDA And MSFT)

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

At present, SPY SPY is below our significant threshold of 441.06. If bullish momentum takes hold above 441.06 today, we anticipate an upward movement towards targets of 441.62 and 442.04. The quarter-end rebalancing could potentially trigger an upward surge, with a daily bullish target of 442.61 and a maximum target of 443.42.

However, if we observe selling pressure today and 439.66 experiences a notable downtrend, we'll be eyeing the lower support level of 438.78. If the selling pressure persists, our bearish targets are 437.92 and 437.02.

Invesco QQQ Trust Series 1

The QQQ SPY is battling to reestablish our crucial support level of 367.73. Provided the QQQ remains resilient above this level today, our bullish target is 368.32. An intense bullish squeeze could push us towards our ultimate upward target of 369.39.

If we do see sellers take hold of the tape today across the board in tech, our downside targets for the Q's are 366.15 and 364.65.

Apple Inc.

Apple AAPL, the first company to reach a $3 trillion market capitalization, continues its upward trend in Friday's premarket trade. Bulls will want to see Apple maintaining above 192. If significant activity is observed in the 195 calls today, our target becomes 194.50.

If selling pressure emerges during the regular trading hours, we anticipate 191.25 to be tested as a downside support. Further selling could lead the bears to test 190.56 and 189.91.

Tesla Inc.  

Tesla's TSLA current positioning around our key level of 259.95 makes it an attractive trading option today. If Tesla manages to sustain above this level, the bullish targets are 262.68 and 264.46.

On the other hand, if the market weakens, we anticipate the bears to challenge 257.56, with additional weakness targeting 254.28.

NVIDIA Corporation

NVIDIA NVDA is comfortably above our pivotal level of 413.76. As long as the market remains robust above this level, our target is 419.36. An exceptional bullish wave with a strong flow into 0DTE calls could push the market as high as 425.92 today, provided the bulls establish support above 421.35 first.

If the market weakens and rejects 413.76, we anticipate the bears to drive the market down to 409.31, with further downward pressure bringing 405.18 into sight.

Microsoft Corp.

Microsoft MSFT is showing significant upward momentum in Friday's premarket trade. We hope to see the bulls maintain above the key level of 339.08. If this level is defended successfully, our next target is 340.36. A strong buying spree in the tech sector today could lead the bulls to set their sights on 342.04.

If we do see sellers on the tape today, we will want the bears to target 335.96 to the downside with further selling bringing the auction back down to 333.46.

Final Word: As we conclude the first half of 2023 and Q2, keep in mind the quarter-end rebalancing. This is when funds adjust their assets to meet their target allocation, which can cause increased market volatility due to simultaneous buying and selling. This process helps manage risk by maintaining the intended risk/return profile of the portfolio. Stay alert today and be prepared for any eventuality. Remember to trade responsibly and manage your risk effectively. Best of luck out there today and have a great day!

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.