Market Clubhouse Morning Memo - June 10th, 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 around the 532.56 level. For the bulls, an initial push to 534.17 is desirable. If the price remains strong above 534.17, we anticipate buyers driving the price to 535.43. Should 535.43 hold during regular trading hours, we expect a further push to 536.31. Our highest bull target for SPY today is 537.20.

If 532.56 fails to hold as support, we expect the bears to test 531.57. If sellers are active, a further drop to 530.77 is likely. Should heavy selling continue, strong support is expected at 530.09. In the event of a significant sell-off, our lowest bear target for the day is 528.66.

Invesco QQQ Trust Series 1

The Q's QQQ are currently trading around our critical level of 462.14. For the bulls, it’s important to see buyers above 462.14. If this level holds as support, the next target is 463.56. Sustained buying could push the price to 465.93. If the market remains strong, we might see a higher test at 467.60. The highest bull target for the Q's today is 469.27.

If 462.14 fails to hold, we expect bears to drive the price down to 460.55. Continued weakness could lead to a test of 458.83. If sellers maintain control, we anticipate a drop to 457.55. If this level doesn’t hold, the bears might push down to our lowest target of 456.23.

Apple Inc.

Apple AAPL is currently trading around 197.00. Bulls are looking for 197.00 to hold as support and push higher to 197.69. If bullish momentum continues, the next target is 198.22. Should the bulls maintain control, a move to our high target of 198.79 is expected.

If 197.00 fails as support, we anticipate a test of 196.61. Continued selling pressure could bring the price down to 196.01. Further bearish action might see the price drop to 195.67. If this level breaks, the low target for Apple is 195.25.

Microsoft Corp.

Microsoft MSFT is currently trading around 423.81. Bulls need to hold this level and rally to 425.16, establishing it as support during regular trading hours. If this key level holds, a move to 426.00 is expected. Continued buying could push the price to our high target of 427.36.

If 423.81 fails to hold as support, we expect bears to test 422.84. A break below this level could lead to a test of 421.62. Continued downward pressure might drive the price to 420.26. The low target for Microsoft today is 419.17.

NVIDIA Corporation

NVIDIA NVDA is currently trading around 120.27. Bulls aim to push the price to 121.97 and establish it as support. If buying continues, the next target is 123.41. Sustained bullish momentum could see a rally to 125.21. The highest bull target for NVIDIA today is 126.84.

If 120.27 fails as support, we expect bears to test 119.44. A break below this level could lead to a drop to 117.86. Continued selling pressure might bring the price to 116.60. If this level is breached, the low target for NVIDIA is 115.83.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around 174.01. Bulls need to hold this level as support and push higher to 175.12. If bullish momentum continues, the next target is 176.23. Sustained buying could see the price reach our high target of 176.23.

If 174.01 fails to hold, we expect bears to test 172.28. Continued selling pressure might drive the price down to 171.14. If this level is breached, we anticipate a drop to our low target of 169.34.

Meta Platforms Inc

Meta META is currently trading around 492.33. Bulls need to maintain strength above 495.54 and establish it as support. A strong bullish move could push the price to 498.03. Continued buying could see the price reach 500.83. The high target for Meta is 504.54.

If 492.33 fails as support, we expect bears to test 488.81. Further selling could lead to a drop to 485.96. If this level breaks, the next target is 483.11. The lowest target for Meta today is 483.11.

Tesla Inc.

Tesla TSLA is currently trading around 176.34. Bulls aim to push the price to 179.79. Continued buying could see a rally to 182.53. If the broader market rallies, Tesla might test 184.10. With strong buyer activity, the high target for Tesla is 186.10.

If 176.34 fails to hold as support, we expect a test of 172.61. Continued selling could bring the price down to 169.70. If this level breaks, the low target for Tesla is 166.89.

Final Word: Today's trading session is expected to be relatively quiet due to a limited number of significant data releases, which might result in lower market volatility. However, several key events should be monitored closely.

At 11 AM ET, the New York Fed Survey of Consumer Expectations will be released. This survey provides insights into consumer outlooks on inflation, spending, income, and labor market conditions. It is a valuable indicator of economic sentiment and can influence market expectations regarding future Federal Reserve policy actions.

Also at 11 AM ET, the Treasury's Buyback Announcement is another event to watch. This announcement involves the Treasury Department's plans to repurchase existing debt securities. These buybacks can affect liquidity in the bond market and may have implications for interest rates and financial market stability.

At 11:30 AM ET, the 3 and 6 Month Bill Auctions will take place. These short-term debt auctions offer a snapshot of investor demand for Treasury securities. High demand can indicate a preference for safer assets, reflecting market risk aversion. Conversely, low demand might suggest investors are more confident in riskier assets.

Later, at 1 PM ET, the 3 Year Note Auction will be held. The results of this auction can influence interest rate expectations and provide insights into investor sentiment towards medium-term debt. The yield on these notes can impact borrowing costs and economic conditions.

Despite the low volume of impactful data, it’s essential to watch market reactions closely, especially in the context of positioning ahead of the FOMC rate decision on Wednesday. This rate decision is expected to be a major market event, potentially causing significant volatility as traders adjust to new monetary policy signals. 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.