Market Clubhouse Morning Memo - June 28th, 2023 (Trade Strategy For SPY, QQQ, AAPL, TSLA, NVDA, And META)

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

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

Jerome Powell's panel appearance coincides with today's market opening, and although it's expected that his remarks will not deviate much from his last FOMC meeting, it is likely to inject volatility into the markets. The SPY SPY showed a noteworthy rally yesterday, securing our crucial support level at 435.59. If the price stays above this significant 435.59 level, it will pave the way for the bulls to aim for our higher levels of 437.02 and 437.92.

However, if the trading remains weak and stays below 435.59, we expect the bears to push the price down to 434.66 and 433.75.

Invesco QQQ Trust Series 1

Currently, the Q's QQQ are trading under our vital support level of 363.23. If this level is not reclaimed today, the bears are likely to target 361.41 and 360.08 on the downside.

If Jerome Powell's speech instills confidence in the market today and the Q's are able to recover the 363.23 support level, our bullish targets are 364.65 and 365.59 on the upside.

Apple Inc.

Apple AAPL is currently positioned within our defined channel of 187.50 and 188.05. If Jerome Powell's remarks today are perceived as somewhat dovish, Apple could rally. We anticipate the bulls to aim for an upside target of 188.32, potentially setting new record highs for Apple.

On the other hand, if Powell's remarks are not well-received by the market, Apple might break below 187.50, with the bears targeting 186.99 and 185.86.

Tesla Inc.

Tesla TSLA executed a reasonable rally in Tuesday's trading and continues to trend upward in Wednesday's premarket. The stock is currently sitting between our channel of 250.23 and 252.38. If Tesla can surpass 252.38 and maintain this level, the trading should aim for 254.28 as new support. If a significant number of buyers appear today, our ultimate target is 257.56 on the upside.

Conversely, if Tesla fails to establish 252.38 as support and drops below 250.23, the bears are expected to aim for 248.37 and 246.16 on the downside.

NVIDIA Corporation

NVIDIA NVDA faced a downturn in Tuesday's after-hours trading due to potential export restrictions to China. Wednesday's premarket trading has seen some recovery around our crucial level of 399.46 but has struggled to hold onto much strength. The bulls will aim to stabilize NVIDIA around 402.12 and attempt to maintain 405.18 as support. If this level holds today, the bulls should target 409.31 on the upside. If the bears continue to dominate and 402.12 fails to hold as support, a strength test at 399.46 is likely. If there's substantial selling today, our ultimate bear target is 394.89.

Meta Platforms Inc

Meta META, formerly named Facebook, Inc., an American multinational technology conglomerate, is currently positioned between our channel of 284.18 and 286.94. If Meta demonstrates strength today and stays above 286.94, our two upside targets are 288.87 and 291.18.

If the tech sector shows broad weakness and Meta doesn't display significant strength in trading, we anticipate 284.18 to be breached on the downside, with the bears targeting 280.96 and 279.15.

Final Word: Today's session is likely to be significantly influenced by Jerome Powell's panel appearance at the market's opening. This event could introduce considerable volatility into the markets, so traders should exercise caution. Stay alert and disciplined today, and good luck out there!

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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