Market Clubhouse Morning Memo - June 7th, 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 (NYSE:SPY) is currently trading near our level of 534.17. For the bullish scenario, we need to see an initial move higher to 535.43. If the price sustains above this level, we anticipate buyers pushing the price to 536.31. Should 536.31 hold during regular trading hours, a further push to 537.20 is expected. The highest target for bulls today is 538.30.

Should 534.17 fail to hold as support, we expect the bears to test 532.56. If selling pressure persists, the next level to watch is 531.57. A breakdown below this level with strong selling could lead to testing the solid support at 530.77. If the market experiences a significant sell-off, our lowest target for bears today is 530.09.

Invesco QQQ Trust Series 1

The Q's (NASDAQ:QQQ) are currently hovering around our key level of 463.56. For the bullish outlook, we need to see buyers holding this level and pushing higher. If 463.56 is maintained as support, we aim for 465.93 to become the next strong support. Continued upward momentum could bring 467.90 into play. If the auction remains strong, we might see a test of 469.27. Our highest bullish target for today is 471.33.

If the Q's struggle to hold above 463.56 during trading hours, we expect the bears to take control and push down to 462.14. Further weakness would see a test at 460.55. Persistent selling might bring the price down to 458.83. If this level fails to hold, our lowest bearish target for today is 457.55.

Apple Inc.

Apple (NASDAQ:AAPL) is currently trading near our level of 194.83. For a bullish move, we need to see this level hold as support. Bulls will then aim to drive the price to 195.25. If buying momentum continues, the next target is 195.67. Should the bulls dominate the session, we look for a push towards our high bull target of 196.01.

If 194.83 fails to hold as support during regular trading, we expect a move lower to 194.40. Continued selling pressure could bring the price down to 193.95. If the downward trend persists, 193.18 is the next level to watch. A breakdown below this level could lead to our low bear target of 192.76 for the day.

Microsoft Corp.

Microsoft (NASDAQ:MSFT) is currently trading around 423.81. For a bullish scenario, we need to see this level hold as support and a push to 425.16. If the price stays above this key level, it could drive a rally to 426.00. Further bullish momentum might see the price reaching our high bull target of 427.36.

If 423.81 does not hold as support, we anticipate a bearish move to 422.84. A breakdown of this level could see the bears testing 421.62. Continued selling pressure might push the price down to 420.26. Our lowest target for bears today is 419.17.

NVIDIA Corporation

NVIDIA (NASDAQ:NVDA) is currently trading near our key level of 1,202.78. For a bullish outlook, we want to see the price push up to 1,219.70 and hold this level as support. If buying continues, we look for a move to 1,234.19. Sustained bullish activity could drive the price to 1,252.11. Our highest target for bulls today is 1,268.45.

If 1,202.78 fails to hold as support, we expect the bears to test 1,194.44. A breakdown of this level could bring the price down to 1,178.60. If the bearish momentum continues, we might see a test of 1,166.09. Our lowest bear target for today is 1,158.33.

Alphabet Inc Class A

Alphabet (NASDAQ:GOOGL) is currently trading around 177.28. For a bullish scenario, we want to see this level hold as support and a move higher to 179.15. Continued bullish momentum could push the price to our high bull target of 180.46.

If 177.28 does not hold as support, we anticipate a bearish move to 176.23. Further selling pressure might see the price test 175.12. If heavy selling occurs, our low bear target for today is 174.01.

Meta Platforms Inc

Meta (NASDAQ:META) is currently trading near 492.33. For a bullish outlook, we need the price to remain strong above 495.54 and hold this level as support. A strong upward move could bring the price to 498.03. If buying continues, we might see the price reach 500.83. Our highest target for bulls today is 504.54.

If 492.33 fails to hold as support, we expect a move lower to 488.81. Continued selling pressure might push the price down to 485.96. If this level breaks down, our lowest target for bears today is 483.11.

Tesla Inc.

(NASDAQ:TSLA) Tesla is currently trading around 176.34. For a bullish scenario, we want to see the price push up to 179.79. Continued buying momentum could drive the price to our key level of 182.53. If there is a broader market rally, we might see Tesla testing higher at 184.10. Our high bull target for today is 186.10.

If 176.34 fails to hold as support, we expect a move lower to 172.61. Continued selling could bring the price down to 169.70. A breakdown of this level might lead to our low bear target of 166.89.

Final Word: Today's trading session will be heavily influenced by the Non-Farm Payrolls report, which is scheduled for release at 8:30 AM ET. This report will also include crucial data on Average Hourly Earnings and the Unemployment Rate for May. Given the importance of this data in providing insights into the health of the labor market, market participants will be closely watching for any surprises or deviations from expectations. Strong job numbers could indicate a robust economy, potentially leading to increased speculation on future interest rate hikes by the Federal Reserve. Conversely, weaker-than-expected figures could fuel concerns about economic slowdown, influencing the Fed's monetary policy outlook.

With the FOMC Rate Decision scheduled for next week, today's data will be pivotal in shaping market sentiment and trading strategies. We can expect significant positional trades as traders attempt to position themselves ahead of the rate decision. Additionally, watch for increased activity in 0DTE (zero days to expiration) options, as it's Friday and weekly options are expiring. This could lead to heightened volatility, especially in the final hours of trading.

Today's session could be quite eventful, with significant opportunities and risks. Manage your trades carefully, stay informed, and be prepared for swift market movements. Best of luck, trade safely, and Happy Friday!

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