Market Clubhouse Morning Memo - June 21st, 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 around our level of 545.24. For the bulls, a push higher to 546.46 is desired. If the price can maintain strength above 546.46, we anticipate buyers to drive the price up to our support level of 547.56. Holding 547.56 during regular trading hours could result in a further rise to 548.13. Our high bull target for SPY today is 549.00.

If 545.24 fails to hold as support, the bears may test the 544.04 level. If sellers gain momentum, we could see a move down to 542.93. Should this level be breached under heavy selling, a robust support at 541.49 is expected. In a scenario of significant selling pressure, our low bear target for SPY is 540.07.

Invesco QQQ Trust Series 1

The Q's QQQ are currently trading around the key level of 481.73. For bullish momentum, we want to see buyers maintain levels above 481.73. Holding this level as support could lead to 483.95 being established as strong support. Persistent buying strength might push the price up to 486.10, and if the auction remains strong, a test of 488.96 is likely. Our high bull target for QQQ today is 491.82.

Should the auction struggle to stay above 481.73, the bears might take over, pushing the price down to 479.03. Continued weakness could lead to a test of 476.85. If selling persists, the price might drop to 474.66. Failing to hold this level, our low bear target for QQQ is 471.33.

Apple Inc.

Apple AAPL is currently trading around 209.81. Bulls need to defend this level as support to initiate a rally towards 211.12. If bullish momentum continues, we might see the price advance to 212.44. Should bulls maintain control, the price could push higher to our high bull target for Apple today at 214.07.

If 209.81 cannot be sustained as support, we expect a test lower at 208.81. Persistent selling might drive the price down to 207.93. Further downside pressure could see 207.18 coming into play. If this level is breached, our low bear target for Apple today is 206.55.

Microsoft Corp.

Microsoft MSFT is trading around 444.95. Bulls aim to keep the auction strong above 444.95 and push towards 446.33. Holding this support level could lead to a rally targeting 448.18. Continued bullish momentum may drive the price up to our high bull target for Microsoft today at 450.26.

If 444.95 fails to hold, bears may probe down to 442.95. Breaking this level could lead to further downside pressure testing 441.34. If the selling continues, the price might drop to 438.72. Our low bear target for Microsoft today is 437.10.

NVIDIA Corporation

NVIDIA NVDA is trading around 129.53. Bulls need to push the price up to 131.42 and establish this as a support level. Further buying could drive the price to 132.19, and if the momentum continues, a rally to 133.31 is possible. Our high bull target for NVIDIA today is 134.56.

If 129.53 doesn't hold as support, bears may test lower at 128.10. Breaking this level could result in a decline to 126.84. A weaker auction may test 125.21. Continued selling pressure could bring the price down to our low bear target for NVIDIA today at 123.41.

Alphabet Inc Class A

Alphabet GOOGL is trading around 176.23. Bulls need to hold this level and push the auction higher to 177.28. Continued bullish momentum might target our high bull level of 179.15.

If 176.23 fails to hold as support, bears might drive the price down to 175.12. Breaking this level could lead to an initial test at 174.01. On heavy selling, we expect the price to drop to our low bear target for Alphabet at 172.28.

Meta Platforms Inc

Meta META is trading around 498.03. Bulls aim to keep the price strong above this level and target 500.83. A strong auction could push the price higher to 504.54. Continued bullish action might bring the price to our high bull target for Meta at 508.25.

If 498.03 doesn't hold, bears may push the price down to 495.54. Continued selling pressure could lead to a drop to 492.33. If this level breaks, we expect the price to fall to our low bear target for Meta today at 488.81.

Tesla Inc.

Tesla TSLA is trading around 179.79. Bulls need to push the price up to 182.53. Continued buying could see a rally to our key level of 184.10. If the broader market shows bullish sentiment, Tesla might test higher at 186.10. With significant buying, the price could reach our high bull target for Tesla today at 189.22.

If 179.79 doesn't hold as support, we anticipate a test lower at 176.34. Continued selling could bring 172.61 into play. If this level breaks, our low bear target for Tesla today is 169.70.

Final Word: Today's session is expected to capture the attention of most traders due to the significant events of Triple Witching Friday and the PMI data release. Triple Witching, occurring four times a year, is when stock options, index options, and futures contracts all expire simultaneously. This event typically brings a surge in trading volume and can cause heightened volatility as traders and investors adjust their positions. With approximately $5.5 trillion worth of options expiring today, we can potentially see substantial market movements. 

At 9:45 AM ET, we will receive the preliminary June read for the S&P Global Manufacturing PMI, a critical indicator of economic health, particularly in the manufacturing sector. This data point is closely watched as it provides insights into the manufacturing industry's performance, reflecting business conditions and sentiment. 

Shortly after, at 10 AM ET, the Leading Index and Existing Home Sales for May will be released. The Leading Index offers a forward-looking perspective on economic trends, combining various indicators to gauge future economic activity. Existing Home Sales data provides valuable information on the housing market, another key component of the economy, influencing consumer spending and sentiment. 

Given the confluence of these events, traders should be prepared for a volatile trading session. The significant expiry of options contracts can lead to abrupt price swings as market participants rebalance their portfolios. Coupled with the PMI and economic data releases, the market could experience increased fluctuations and rapid shifts in sentiment. 

In light of this, it is crucial to approach today's trading with caution and a well-defined strategy. Staying informed and responsive to market developments will be essential. Remember to manage risk effectively, and do not overextend positions. Wishing everyone a successful 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.