Market Clubhouse Morning Memo - June 20th, 2023 (Trade Strategy For SPY, QQQ, AAPL, TSLA, MSFT, NFLX, META, And NVDA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, TSLA, MSFT, NFLX, META, and NVDA.

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 during our daily Morning Call, 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 Nasdaq has registered gains for eight successive weeks, its longest winning streak since March 2019. The SPX has similarly achieved five consecutive weeks of gains, marking its longest streak since November 2021. Fluctuations characterized Friday's trading session due to the impending Quadruple Witching/Option Expiration. A noticeable shift towards cyclical/value stocks over growth stocks was observed, possibly as a result of the Federal Reserve's hawkish outlook following the recent dot plot disclosure. Jerome Powell is slated to speak twice this week on Wednesday and Thursday, potentially bringing market volatility.

Currently, the SPY SPY is maintaining a position above our crucial support level at 437.92. As long as 437.92 continues to serve as support, there's a potential for a gap-fill play to the upside. The SPY's targets for today are 438.78 and a return to 439.66.

Should 437.92 demonstrate any signs of vulnerability today, we're aiming to establish support at 437.02. If this level fails to the downside, our bear targets are 435.59 and 434.66.

Invesco QQQ Trust Series 1

Currently, the Q's QQQ are oscillating between our channel of 365.59 and 366.69. If 366.69 continues to serve as support, our target for today is 369.39. If this level remains intact, our ultimate bullish target is 371.96.

If today's trading indicates weakness and 365.59 fails as support, we're hoping to find lower support for bears at 364.65 or 363.23.

Apple Inc.

Apple AAPL is preserving support at our pivotal level of 184.09. If this level persists as support for today, our target is 184.59 to the upside, with a potential return to 184.96.

If 184.09 breaks to the downside, our target for the day is 183.38.

Tesla Inc.

Tesla TSLA demonstrated significant strength in Tuesday's premarket session. As long as 257.56 remains as the lower band of support, we're expecting Tesla to return to 262.68 to the upside. Demonstrating clear strength above this level should trigger a test of 264.46.

Conversely, if we witness weakness today and 257.56 fails to hold, our bearish targets are 254.28 and 252.38.

Microsoft Corp.

Microsoft MSFT has been attracting significant investors as a safe haven in the tech space. As long as 340.36 holds as support, the stock is poised for a promising play today. Our bullish targets for Microsoft are 343.68 and 347.85.

If the market softens for the bears today and 340.36 fails to hold, our bearish targets are 337.80 and 335.96.

Netflix Inc.

Netflix NFLX experienced a substantial sell-off during last week's Friday session. It currently hovers between our key levels, searching for its next price action move. For the bulls, we aim for Netflix to return to 432.51 on the upside, with a potential higher target of 437.35.

For the bears, we aim for a revisit of 425.93 on the downside, with additional selling potentially leading to a test of 418.83.

Meta Platforms Inc

Meta META is currently well-positioned for a play. As long as 279.15 holds as support, we're aiming for a return to 280.96, with the bulls ultimately targeting 284.18.

If we witness weakness today and 279.15 fails as support, we're expecting the bears to test 276.76 on the downside.

NVIDIA Corporation

NVIDIA NVDA remains in fluctuation between our two key levels in Tuesday's premarket trade. For the bulls, we're looking for 425.92 to hold as support, with an upside target of 432.36.

If the 425.92 support level breaks to the downside, the bears should anticipate the auction to make its way down to 421.35.

Final Word: Today marks the start of a shortened four-day trading week. With Jerome Powell set to speak over the next two days, today's session might see limited volatility. Ensure you use the Market Clubhouse price levels to your advantage and exercise patience today. Good luck to all!

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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