Market Clubhouse Morning Memo - July 1st, 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 the level of 545.24. For bullish momentum, we need to see an upward move to 546.46. If the price action sustains above 546.46, buyers might push the price towards our support level of 547.56. If 547.56 holds during regular trading hours, we could see a rise above to 548.13. Our high bull target for the day is set at 549.00.

On the downside, if 545.24 fails to act as support, we anticipate the bears to challenge 544.04. Should sellers be present, they will likely test lower at 542.93. If this level breaks under heavy selling, a significant support lies at 541.49. In a strong sell-off session, our low bear target for the day would be 540.07.

Invesco QQQ Trust Series 1

The Q's QQQ are currently trading around the key level of 479.03. For bullish activity, buyers need to hold above 479.03. If this level can be maintained > as support, we expect 481.73 to emerge as strong support. Continued bullish strength might push the price to 483.95. If today's auction remains strong, a higher test at 486.10 is likely. Our high bull target for the Q's today is 488.96.

Conversely, if the auction struggles to hold above 479.03 during regular trading hours, we expect bears to drive the price down to 476.85. Further weakness could see the bears testing lower levels at 474.66. Persistent selling might lead to a test at 471.33. If this level fails to hold as support, the bears could push down to our low bear target of 469.27.

Apple Inc.

Apple AAPL is currently trading around the level of 211.12. For bullish traders, holding 211.12 as support is crucial. The bulls would aim to push the price higher to 212.44. Continued bullish momentum might see the price reaching 214.07. If the bulls maintain control today, a push towards our high bull target of 215.25 is anticipated.

On the flip side, if 211.12 fails to act as support, we expect a test lower at 209.81. Continued selling pressure might drive the auction down to 208.81. If the selling persists, 207.93 will come into play. If this level breaks, we anticipate a drop to our low bear target of 207.18 for the day.

Microsoft Corp.

Microsoft MSFT is currently trading near 448.18. For bullish traders, maintaining strength above 448.18 and pushing towards 450.26 is key. Holding this level as support during regular trading hours could propel the price towards 453.02. Continued buying momentum might see Microsoft reaching our high bull target of 455.77.

On the bearish side, if 448.18 fails to hold as support, the bears are likely to test 446.33. Should this level break, we expect a further drop to 444.95. Persistent downside pressure might drive the price down to 442.95. Our low bear target for Microsoft is 441.34.

NVIDIA Corporation

NVIDIA NVDA is currently trading around the key level of 121.97. For the bulls, an upward push to 123.41 and reclaiming it as support is essential. On the upside, the bulls might drive the price to 125.21. Continued buying could lead to a rally towards 126.84. Our high bull target for NVIDIA is set at 128.10.

If 121.97 fails to hold as support, we expect the bears to test lower at 120.27. A break of this level might see the price dropping to 119.44. If the auction weakens, a test at 117.86 is anticipated. Continued selling pressure could drive the price to our low bear target of 116.61.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around 183.40. For the bulls, holding 183.40 as support is crucial to drive the price higher to 184.52. Sustained bullish momentum might push the auction towards our high bull target of 186.02.

If 183.40 fails to act as support, we expect the bears to drive the price down to 181.77. A break below this level might see a further drop to 180.46. Under heavy selling pressure, the auction could reach our low bear target of 179.15.

Meta Platforms Inc

Meta META is currently trading near 504.54. For the bulls, holding above 504.54 as support is essential to drive the price to 508.25. A strong bullish auction might push the price higher to 512.85. Continued momentum could bring the auction to our high bull target of 515.39.

If 504.54 fails to hold as support, we expect the bears to push the price down to 500.83. Continued selling pressure might drive the price lower to 498.03. If this level breaks, the bears could push Meta down to our low bear target of 495.54.

Tesla Inc.

Tesla TSLA is currently trading near the key level of 200.43. For a bullish move, the price needs to rise to 201.85. Continued buying might drive a rally to 204.33. If the broader market rallies today, Tesla might test higher levels at 206.71. With strong buying, the price could reach our high bull target of 209.51.

If 200.43 fails to hold as support, we expect a test lower at 198.87. Continued selling pressure might bring 197.50 into play. If 197.50 breaks, we anticipate a drop to our low bear target of 195.91 for the day.

Final Word: Today begins a shortened week with a limited number of impactful news events. At 9:45 AM ET, we will get the Final S&P Global Manufacturing PMI for June. Fifteen minutes later, at 10 AM ET, we will receive the Construction Spending for May along with the highly anticipated ISM Manufacturing, Prices Paid, New Orders, and Employment numbers for June. Additionally, the Treasury's Buyback Announcement is expected at 11 AM. Monitor trading volume closely to help gauge market sentiment. Good luck and trade safely!

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.