Market Clubhouse Morning Memo - May 29th, 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

SPY SPY is currently trading around our level of 526.31. For bullish momentum, we are looking for an initial push to 527.36. If the price action sustains above 527.36, we anticipate buyers driving the price to our next target of 528.66. Should 528.66 hold during regular trading hours, we expect a further move up to 530.09. Our high bullish target for SPY today is set at 530.77.

If 526.31 fails to act as support, we foresee a test of 525.26 by the bears. Continued selling pressure could bring the price down to 523.76. Should 523.76 break on heavy selling, we have a robust support level at 522.84. In the event of a severe sell-off, our low bearish target for the day is 521.85.

Invesco QQQ Trust Series 1

The Q's QQQ are currently trading around our key level of 456.23. For a bullish scenario, we need to see buyers stepping in above 456.23. If this level holds as support, our next target is 457.55. Sustained buying could push the price to 458.83. If the market strength continues, we might see a test of 460.55. The high bullish target for the Q's today is 462.14.

If 456.23 does not hold during regular trading hours, we expect the bears to drive the price down to 455.29. Weakness in the market could lead to a test of 454.10. Persistent selling pressure might push the price further down to 452.98. If this level breaks, our low bearish target for the day is 452.14.

Apple Inc.

 Apple AAPL is currently trading around our level of 189.44. For a bullish outlook, we need 189.44 to hold as support. If buyers maintain control, we expect a rally to 190.52. Continued bullish momentum could push the price to 191.57. If the bulls dominate today, our high bullish target for Apple is 192.27.

Should 189.44 fail to hold as support, we anticipate a test of 188.56. Further selling pressure could bring the price down to 188.20. Continued downward momentum might push the price to 187.50. If this level breaks, our low bearish target for Apple is 186.99.

Microsoft Corp.

Microsoft MSFT is currently trading around our level of 427.36. For a bullish scenario, we need the price to stay above 428.48, turning it into support during regular trading hours. Holding this key level could drive the price up to 429.25. Continued buying momentum might push the price to our high bullish target of 430.25.

If 427.36 fails to act as support, we expect a test of 426.00 by the bears. Breaking this level could lead to a move down to 425.16. Persistent selling pressure might push the price further to 423.81. Our low bearish target for Microsoft today is 422.84.

NVIDIA Corporation

NVIDIA NVDA is currently trading around our key level of 1,136.80. For the bulls, we want to see the price push up to 1,142.91 and reclaim this level as support. If buyers maintain control, we expect a rally to 1,151.55. Continued buying could see the price reach 1,158.33. The high bullish target for NVIDIA today is 1,166.09.

If 1,136.80 fails to hold as support, we anticipate the bears testing lower at 1,125.42. Breaking this level could lead to a drop to 1,117.05. If selling pressure continues, the price might test 1,107.30. On heavy selling, our low bearish target for NVIDIA is 1,098.63.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around our level of 175.12. For a bullish scenario, we need 175.12 to hold as support, with the price aiming for 176.23. Sustained bullish momentum might push the price to our high bullish target of 177.28.

If 175.12 fails to hold, we expect the bears to drive the price down to 174.01. Continued selling pressure could bring the price down to 172.28. If this level breaks, our low bearish target for Alphabet today is 171.14.

Meta Platforms Inc

Meta META is currently trading around our level of 475.19. For a bullish outlook, we need the price to stay above 475.19 and turn it into support. A strong bullish auction could push the price to 477.50. Continued buying might drive the price up to 479.47. The high bullish target for Meta is 480.96.

If 475.19 does not hold as support, we expect the bears to push the price down to 473.93. Persistent selling pressure could lead to a move down to 472.19. If this level breaks, our low bearish target for Meta today is 470.28.

Tesla Inc.

Tesla TSLA is currently trading around our key level of 176.34. To the upside, we want to see the bulls push the price up to 179.79. Continued buying could lead to a rally to our key level of 182.53. If a broader market rally occurs, Tesla might test 184.10. On a strong bullish day, the high bullish target for Tesla is 186.10.

If 176.34 fails to hold as support, we anticipate a test of 172.61. Continued selling pressure could bring the price down to 169.70. If this level breaks, we expect a drop to our low bearish target for Tesla at 166.89.

Final Word: Today's session has a lighter schedule for data releases. The Redbook Retail Sales will be reported at 8:55 AM ET. After the New York market opens, we will see the Richmond Fed Manufacturing Index for May at 10 AM ET, followed by the Dallas Fed Services Activity report for May at 10:30 AM ET. The Treasury will conduct an auction for 2-Year FRNs at 11:30 AM ET, followed by a 7-Year Note Auction at 1 PM ET. Two Fed speakers, both voting members, are scheduled: Williams at 1:45 PM ET and Bostic at 7 PM ET. Keep a close watch on volume, as volatility is expected to spike later in the week. Trade safely and 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.

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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.