Market Clubhouse Morning Memo - July 5th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META And TSLA)

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

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, 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 SPY SPY is currently trading near our level of 551.33. For bullish momentum, we need to see a rise to 552.50. Sustained strength above this point could drive the price towards our support level of 553.66. If 553.66 holds during regular trading hours, we anticipate a further climb to 555.11. Our upper target for SPY today is 556.27.

On the downside, if 551.33 fails to hold as support, we expect bears to test 550.45. Continued selling pressure could push the price lower to 549.67. Should this level break, we have a significant support at 549.00. In case of heavy selling today, our lowest target for SPY is 548.13.

Invesco QQQ Trust Series 1

The QQQ QQQ is currently trading around our crucial level of 491.82. For the bulls, we want to see strong buying above this point. If 491.82 holds, we anticipate a move to 493.60, establishing it as robust support. Persistent buying could drive the price to 495.35, with a potential test higher at 498.37. Our top bullish target for QQQ today is 501.07.

Conversely, if 491.82 fails to hold during regular trading hours, bears may drive the price down to 488.96. Continued weakness could see a further decline to 486.10. If selling persists, the price may drop to 483.95. If this support level breaks, our lowest target for QQQ is 481.73.

Apple Inc.

Apple AAPL is currently trading near our level of 220.97. For bullish traders, we want 220.97 to hold as support. A rally from this level could push the price to 221.66. If the upward momentum continues, we might see Apple reach 222.24. Should the bulls dominate today, our upper target is 222.96.

If 220.97 fails to hold, we expect a test lower at 220.29. Persistent selling pressure could drive the price down to 219.19. Further decline might bring the price to 218.08. If this level breaks, our lowest target for Apple is 216.70.

Microsoft Corp.

Microsoft MSFT is trading around our level of 460.78. For a bullish scenario, we need to see the price hold above this level and rally to 462.07, establishing it as support. Continued strength could push the price to 463.27. With sustained buying, our upper target for Microsoft today is 464.70.

On the flip side, if 460.78 doesn't hold, we anticipate bears to test 459.18. Further decline could push the price to 457.25. If the selling pressure continues, we might see a drop to 455.77. Our lowest target for Microsoft is 453.02.

NVIDIA Corporation

NVIDIA NVDA is trading near our key level of 128.10. For bullish traders, we need to see a push to 129.53 and establish it as a support area. A continued rise could drive the price to 131.42. If the buying pressure remains, our top target for NVIDIA today is 133.31.

If 128.10 doesn't hold as support, bears may test lower at 126.84. If this level breaks, the price could drop to 125.21. Persistent selling might bring the price down to 123.41. Our lowest target for NVIDIA is 121.97.

Alphabet Inc Class A

Alphabet GOOGL is trading around our level of 186.68. For a bullish move, we need to see the price hold above this level and rise to 187.47. Continued bullish momentum could drive the price to 188.73.

If 186.68 doesn't hold as support, we expect bears to push the price down to 186.02. Further selling pressure could test 184.52. In case of heavy selling, our lowest target for Alphabet is 183.40.

Meta Platforms Inc

Meta META is trading near our level of 512.85. For a bullish scenario, we need to see the price remain above this level and rise to 515.39. Continued buying could drive the price to 520.27. If the bullish momentum holds, our upper target for Meta is 526.29.

If 512.85 fails to hold, we expect a test lower at 508.25. Further decline might push the price to 504.54. If selling continues, our lowest target for Meta is 500.83.

Tesla Inc.

Tesla TSLA is trading around our key level of 250.25. For a bullish move, we need to see the price rise to 252.25. Continued buying could push the price to 254.38. If there is a broader market rally, Tesla might test higher at 256.34. Our top target for Tesla is 257.56.

If 250.25 doesn't hold, we expect a test lower at 248.37. Persistent selling could drive the price to 246.16. If this level breaks, our lowest target for Tesla is 243.98.

Final Word: Today's trading session concludes a shortened week packed with a swath pf economic data releases before the New York open. At 8:30 AM ET, we'll receive the highly anticipated Non-Farm Payrolls report for June, which will give us insight into job creation and labor market strength. Accompanying this, the Unemployment Rate will be released, offering a gauge of the overall health of the job market. Additionally, the Average Hourly Earnings report will be crucial in assessing wage growth and inflationary pressures.

Later in the day, at 11 AM ET, the Federal Reserve will release its Monetary Policy Report. This report will provide a comprehensive overview of economic conditions, policy stance, and future outlook, which could have substantial implications for market sentiment and direction.

Given these critical data points, it is essential to monitor trading volume closely. Low participation can result in increased volatility and unpredictable price movements, making for a challenging trading environment. Stay alert to sudden market shifts and be prepared for potential reactions to the data releases. Good luck, trade safely, and have an amazing weekend!

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 gain early access to the Morning Memo, just like this one, every single day—hours before it's published. You will also have access to a live stream with zero latency and screen sharing, enabling you to witness Rips executing his trades in real-time and sharing his exclusive trading plans, strategies, and live decision-making.

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. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: https://www.youtube.com/@MarketClubhouse.

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.