Market Clubhouse Morning Memo - July 6th, 2023 (Trade Strategy For SPY, QQQ, META, GOOGL, TSLA, And NVDA)

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

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

US equity futures have declined following the release of FOMC minutes, which hinted at a potential tightening of monetary policy without significantly altering the prevailing narrative. Currently, SPY SPY is holding above our key support level of 440.34. As long as the price action remains strong above this level, we anticipate a revisit to our upside targets of 441.06 and 441.62. In the event of strong buying pressure, there is potential for an overnight gap-fill with targets at 442.04 and 442.61.

However, if selling pressure persists during regular trading hours, we expect the bears to test the downside levels of 439.66 and 438.78. A significant market sell-off could lead to a test of the lower support level at 437.92.

Invesco QQQ Trust Series 1

Despite tech receiving a boost yesterday driven by Meta and NVIDIA, overnight selling pressure has brought the QQQ QQQ towards our support level of 367.52. If the price action remains strong above this level, we will be watching for the bulls to reclaim 368.57. A tech rally today could target our upside levels of 369.39 and 370.08.

Conversely, if selling continues across larger tech names during regular trading hours, we anticipate the bears to test the downside level of 366.69. In the case of extreme selling pressure, a further downside target could be 365.59.

Meta Platforms Inc

Meta META experienced a surge in price action yesterday ahead of the release of their competitor app 'Threads,' challenging Twitter. However, in Thursday's premarket session, we observed a rejection at our upper level of 300.23. If the support level at 297.33 fails to hold, we anticipate the bears to push the price action down to our support level of 293.91. Further selling pressure could bring the auction to 291.18.

On the other hand, if 297.33 is defended as a support level, we expect a retest of the upper level at 300.23. Reclaiming this level with bullish momentum could lead to a test of 303.90 on the upside.

Alphabet Inc Class A

Google GOOGL had a highly bullish session on Wednesday but has retraced its gains in Thursday's premarket session. If the price action fails to hold above our key support level of 120.18, we will monitor for potential downside targets at 119.58 and 119.14. A significant breakdown below 119.14 could lead to a test of 118.30.

In the case of a shift in momentum to the buy-side today, we will watch for a reclaiming of 120.96. Further strength could bring the price action as high as 121.86.

Tesla Inc.

Tesla TSLA is currently holding above our key support level of 279.43. If this level breaks down, we could see the bears targeting our lower support level at 275.07. On the other hand, if the price action remains strong above 279.43 and the bulls can reclaim 281.32 on the upside, our bullish target is 283.95.

NVIDIA Corporation

NVIDIA  NVDA is currently holding at our key support level of 419.36. If the bulls can maintain this level, we anticipate a reclaiming of 421.35. With strong buying pressure, our upside target is 424.83.

However, if the price action remains weak today, we expect the bears to push the price down towards 413.76.

Final Word: Today's session is showing weakness in the premarket due to concerns about inflation and a stronger-than-expected employment report. If the bears gain control of the broader market today, there is a potential for a significant sell-off across equities. It is important to trade cautiously and remain vigilant. 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.