Market Clubhouse Morning Memo - July 2nd, 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 the 542.93 level. For bullish momentum, we need to see a push higher to 544.04. If the price holds strong above 544.04, buyers may drive the price up to 545.24. Sustained strength at 545.24 during regular trading hours could lead to a rise to 546.46. Our high bull target for SPY today is set at 547.56.

If 542.93 fails to hold as support, bears are likely to test 541.49. Should selling pressure increase, the next level to watch is 540.07. A break below 540.07 on heavy selling could see the price drop to 539.18. In the event of a significant sell-off, our low bear target for SPY is 538.30.

Invesco QQQ Trust Series 1

QQQ QQQ is currently trading near the critical level of 479.03. For a bullish outlook, we need to see the price hold above 479.03. If this level is maintained, buyers will target 481.73 as strong support. Further buying strength could drive the price to 483.95. A strong session could see the price testing higher at 486.10. The high bull target for QQQ today is 488.96.

If the price struggles to stay above 479.03, bears might push it down to 476.85. Should weakness persist, the next support to watch is 474.66. If selling pressure continues, expect a test of 471.33. Failure to hold this level could see the price fall to our low bear target of 469.27.

Apple Inc.

Apple AAPL is trading around the 215.25 level. For bullish activity, we want 215.25 to hold as support. If successful, buyers may push the price up to 216.70. Continued bullish momentum could see a rally to 218.08. If bulls take control, we aim for a high bull target of 219.19 for Apple today.

If 215.25 fails as support, we expect a test lower at 214.07. If selling continues, the price may drop to 212.44. Persistent selling pressure could bring the price down to 211.12. A break below this level could see the price reaching our low bear target of 209.81.

Microsoft Corp.

Microsoft MSFT is currently around the 455.77 level. For a bullish scenario, the price needs to stay above 455.77. If it does, buyers might push the price to 457.25, establishing it as support during regular trading hours. Holding above this level could lead to a rally towards 459.18. Continued buying pressure may see the price reaching our high bull target of 462.07.

If 455.77 doesn't hold as support, we expect bears to probe 453.02. A break below this level could see the price drop to 450.26. Continued downward pressure might push the price to 448.18. Our low bear target for Microsoft today is 446.33.

NVIDIA Corporation

NVIDIA NVDA is trading near the key level of 123.41. For a bullish outlook, we need to see a push up to 125.21 and this level holds as a solid support. To the upside, buyers could drive the price to 126.84. Continued buying momentum might lead to a rally to 128.10. Our high bull target for NVIDIA is set at 129.53.

If 123.41 fails as support, we expect bears to test lower at 121.97. If this level breaks down, a drop to 120.27 is likely. If the auction remains weak, expect a test of 119.44. Persistent selling pressure could bring the price to our low bear target of 117.86.

Alphabet Inc Class A

Alphabet GOOGL is trading around 183.40. For bullish momentum, 183.40 needs to hold as support, with the price targeting 184.52. Sustained buying could bring the price to 186.02, our high bull target for the day.

If 183.40 doesn't hold, we expect bears to push the price to 181.77. A break below this level could see the price drop to 180.46. Heavy selling might drive the price to our low bear target of 179.15.

Meta Platforms Inc

Meta META is trading around the 500.83 level. For bulls, the price needs to stay above 500.83 and hold as support, targeting 504.54. Strong buying could push the price higher to 508.25. Continued bullish momentum might see the price reaching our high bull target of 512.85.

If 500.83 doesn't hold as support, bears might push the price to 498.03. Further sell-side pressure could drive the price lower to 495.54. If this level breaks, we expect a drop to our low bear target of 492.33.

Tesla Inc.

Tesla TSLA is trading around 206.71. For a bullish scenario, buyers need to push the price to 209.51. Continued buying could see a rally to 211.53. If there's a broader market rally, Tesla might test higher at 213.88. A significant bullish session could see the price reaching our high bull target of 216.31.

If 206.71 doesn't hold as support, bears might test lower at 204.33. Continued selling could bring the price down to 201.85. A break below this level could see a drop to our low bear target of 200.43.

Final Word: Today's session kicks off with a crucial meeting involving Jerome Powell, Chair of the Federal Reserve, alongside ECB President Christine Lagarde, UK BOE Governor Andrew Bailey, and BCB Central Bank Governor Roberto Campos Neto at 8:30 AM ET. This high-profile discussion is likely to provide significant insights into the current economic outlook and monetary policy directions from these key figures. Market participants will be keenly observing any hints about future interest rate policies or economic support measures, as these could have immediate and substantial impacts on market sentiment and price movements.

Later in the day, at 10 AM ET, we have the release of the JOLTS Job Openings for May. This report is a critical indicator of labor market health, providing valuable information about job availability and hiring trends. High job openings typically signal a strong labor market, which could support consumer spending and economic growth. However, an overly robust job market might also raise concerns about inflationary pressures, prompting more aggressive monetary tightening.

Additionally, the TIPP Economic Optimism Index will be released at the same time. This index measures consumer confidence in economic conditions over the next six months, encompassing personal financial outlooks, confidence in federal economic policies, and overall economic outlook. High levels of economic optimism can drive increased consumer spending and investment, further influencing market dynamics.

Given the importance of these events, today could witness heightened market volatility. Traders should be prepared for rapid price swings and adjust their strategies accordingly. It's essential to stay informed and react swiftly to the evolving market conditions. Please trade with caution, manage your risk effectively, keep your head on a swivel, 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.