Market Clubhouse Morning Memo - June 22nd, 2023 (Trade Strategy For SPY, QQQ, AAPL, NVDA, MSFT, META, and TSLA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, NVDA, MSFT, 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 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 US premarket futures dropped today following the BOE's unexpected decision to increase rates by 50bps. Federal Reserve Chairman Jerome Powell will address the Senate Banking Committee today, which may cause significant market fluctuations. As a trader, it's essential to maintain discipline during an event like this. Currently, SPY is maintaining our crucial level of 433.75. If this level remains as support, we could see a gap filled upwards with support reclaimed at 434.66. If this level is sustained, our top targets are 435.59 and 437.02.

If today's session continues to be weak and SPY SPY fails to hold at our important level of 433.75, we will monitor for any potential support slightly below at 433.27. If this support level fails, our bearish targets are 432.28 and 431.78.

Invesco QQQ Trust Series 1 

Currently, the Q's QQQ are lodged between our defined channels of 360.08 and 361.41. We need to pay close attention to the market's reaction to this channel. On the upside, we hope to see 361.41 established as a new support level with bullish targets at 363.23 and 364.65.

Conversely, bears might attempt to push through 360.08 with a downside target of 357.94. If the session is particularly weak, the market may trend down towards 356.83.

Apple Inc.  

Apple AAPL had a highly volatile trading session yesterday due to fluctuations during Jerome Powell's Q&A session with the House. It is currently attempting to maintain our key support level at 183.38. If this level holds, bulls will aim for an upward push with targets at 184.09 and 184.96.

If the support at 183.38 fails to hold, bears might push the market downwards with potential support at 182.96. If this level fails, we might see a deeper sell-off down to 182.27.

NVIDIA Corporation

NVIDIA NVDA is conducting their annual meeting today at 2PM ET. This event could significantly influence other major tech and AI companies. If the meeting is received positively and investor sentiment is strong, we might see NVIDIA and other tech stocks rally. In premarket trading, the stock is attempting to establish 425.92 as support. If there is market strength today, bulls should aim for targets of 429.17 and 432.36, with a maximum bullish target for the day at 434.01.

If the annual meeting results in a selling event, bears might test 421.35 as support. If this level and the deeper level of 419.36 fail, our ultimate bearish target for the day is 413.76.

Microsoft Corp.  

Microsoft MSFT has experienced three consecutive days of selling but appears to have found support at our key level of 333.46. If this level holds, we expect bulls to push the market upwards to 335.96 and 337.80. If bears maintain control and aim for a fourth consecutive down session, we look to test 331.24 to the downside with a further target of 328.52.

Meta Platforms Inc

We're keeping a close eye on Meta's META price movement following a varied session on Wednesday. The stock is currently maintaining support at our key level of 279.15. If this level holds, we're anticipating upward targets of 280.96 and 284.18.

If bulls fail to maintain 279.15 as support and there are sellers in the market, bears might aim for a target of 276.76. A massive sell-off could potentially push the stock down to 273.68.

Tesla Inc.

Tesla TSLA faced a significant sell-off on Wednesday and is now holding support at our key level of 250.23. For bulls, we aim for a gap to fill up to 257.56. If this level can be reached and established as new support, we look for further upside targets of 262.68 and 264.46.

If the selling pressure continues on Tesla's tape today, we'll watch the downside with our key bear levels of 248.37 and 246.16.

Final Word: Today's session is expected to be quite volatile due to Jerome Powell's Q&A session at the Senate Banking Committee and NVIDIA's annual meeting, which could significantly impact the AI sector and large tech stocks. As always, it's crucial to exercise the highest level of discipline and patience in your trading. Keep your head on a swivel and good luck with today's trading!

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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