Market Clubhouse Morning Memo - June 28th, 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 key level of 548.13. For the bulls, we want to see a move higher to 549.00. If this level holds, we anticipate buyers pushing the price up to our next support at 549.67. Should 549.67 maintain during regular trading hours, we could see a further climb to 550.45. Our high bull target for SPY today is set at 551.33.

On the flip side, if 548.13 fails to hold as support, the bears will likely test the strength of 547.56. If sellers dominate, a drop to 546.46 is probable. Breaking this level on heavy selling pressure may push the price down to a strong support at 545.24. In an aggressive sell-off scenario, our low bear target for SPY today is 544.04.

Invesco QQQ Trust Series 1

The Q's QQQ are currently trading around our significant level of 483.95. For the bulls, we need to see buying activity above this level. If 483.95 holds, we aim for a move to 486.10 as the next strong support. Sustained bullish momentum could drive the price to 488.96. Should the auction remain strong, we expect a test of 491.82. Our high bull target for QQQ today is 493.60.

If the price struggles to hold above 483.95 during trading hours, we anticipate bears taking control, pushing the price down to 481.73. Continued weakness could see a test at 479.03. If sellers remain in charge, a move to 476.85 is likely. Should this support fail, our low bear target for QQQ today is 474.66.

Apple Inc.

Apple AAPL is currently trading around our level of 215.25. For the bulls, we look for 215.25 to hold as support. If buyers step in, we anticipate a rally to 216.70. Continued bullish activity could see the price rising to 218.08. If bulls maintain control, we expect a push to our high bull target for Apple today at 219.19.

If 215.25 fails as support, bears will likely test the lower level at 214.07. Continued selling pressure may drive the price down to 212.44. If sellers dominate, we could see a test of 211.12. Should this level break, our low bear target for Apple today is 209.81.

Microsoft Corp.

Microsoft MSFT is currently trading around our key level of 453.02. For the bulls, we need to see the price hold above 453.02 and rally to 455.77, establishing this as support during trading hours. If this level holds, we could see a push to 457.25. Sustained buying pressure may drive the price to our high bull target for Microsoft today at 459.18.

If 453.02 fails to hold as support, bears will likely target 450.26. A breakdown here could see the price fall to 448.18. Continued bearish pressure might push the price down to 446.33. Our low bear target for Microsoft today is 444.95.

NVIDIA Corporation

NVIDIA NVDA is currently trading around our crucial level of 125.21. For the bulls, we want to see a move to 126.84, reclaiming this as a strong support. If this level holds, the next target is 128.10. Continued buying could drive the price to 129.53. Our high bull target for NVIDIA today is 131.42.

If 125.21 fails to hold as support, bears will likely test lower at 123.41. If this level breaks, a drop to 121.97 is expected. Further selling could push the price to 120.27. In a weaker auction, our low bear target for NVIDIA today is 119.44.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around our level of 184.52. For the bulls, we need 184.52 to hold as support and aim for a rise to 186.02. If buying momentum continues, the price could reach our high bull target of 186.68.

If 184.52 fails as support during trading hours, bears will likely drive the price down to 183.40. A breakdown here could see an initial probe at 181.77. In case of heavy selling, the auction could move down to our low bear target for Alphabet today at 180.46.

Meta Platforms Inc

Meta META is currently trading around our level of 520.27. For the bulls, we want to see strong support at 520.27 and a move up to 526.29. Continued bullish momentum could drive the price higher to 531.03. If the rally continues, we expect the price to reach our high bull target of 537.68.

If 520.27 fails as support during trading hours, bears will likely push the price down to 515.39. Continued selling pressure could see a drop to 512.85. If this level breaks, bears might drive Meta down to our low bear target for the day at 508.25.

Tesla Inc.

Tesla TSLA is currently trading around our key level of 198.87. For the bulls, we aim for a move up to 200.43. Sustained buying could see the price rally to our key level of 201.85. If the broader market is bullish, Tesla might test higher at 204.33. A strong rally could push the price to our high bull target for Tesla today at 206.71.

If 198.87 fails as support, we expect a test lower at 197.50. Continued selling might bring 195.91 into play. If 193.81 breaks down and sellers persist, we anticipate a drop to our low bear target for Tesla today at 191.52.

Final Word: Today's session concludes a highly anticipated week, highlighted by the release of the PCE data at 8:30 AM ET. This data point is crucial as it provides insight into consumer spending and inflation, which are key indicators for economic health and Fed policy decisions. Later in the morning, at 10 AM ET, we'll receive the Final University of Michigan Sentiment report for June. This report includes the 1-year and 5-10 year inflation outlooks, which will be closely watched for any signs of changing consumer expectations about future price levels.

Additionally, at 11 AM ET, the Bi-Annual Fed Monetary Policy Report will be released, offering a comprehensive review of the central bank's economic outlook and policy strategy. This will be followed by speeches from Fed members Barkin and Bowman, whose remarks could provide further insights into the Fed's future policy direction.

Today is also the final trading day of Q2, which means we should anticipate significant end-of-quarter and end-of-first-half rebalancing flows. Fund managers often adjust their portfolios during this time to align with their mid-year strategies, which can lead to increased volatility. 

Traders should be prepared for a potentially volatile session with multiple market-moving events on the schedule. It's crucial to stay informed and cautious, managing risks appropriately. Good luck, trade safely, and enjoy your 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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