Market Clubhouse Morning Memo - June 13th, 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 presently trading near our reference level of 541.49. For the bullish scenario, we aim to see a surge towards 542.93 initially. If the price action holds above 542.93 with strength, we anticipate buyers pushing the price to our next significant level at 545.24. Should 545.24 maintain its ground during regular trading hours, a further advance to 547.56 is expected. Our optimistic target for SPY today is set at 549.00.

On the bearish side, if 541.49 fails to act as support, we expect the bears to challenge the 540.07 level. A bearish presence here would likely lead to a test of 539.18. If the selling pressure intensifies and breaks through 539.18, we have a robust support level lower at 538.30. In the case of a severe sell-off, our low bear target for the day is positioned at 537.20.

Invesco QQQ Trust Series 1

The QQQ QQQ is currently trading around our pivotal level of 476.85. For the bullish case, we want to see buyers step in above this level. Should 476.85 hold as support without faltering, we expect a move towards 479.03, establishing it as a strong support. Sustained buying momentum could bring our target level of 481.73 into play. If the market remains strong today, we anticipate a higher test at 483.95. The high bull target for the QQQ today is 486.10.

If 476.85 struggles to hold during the regular session, we foresee the bears taking control and driving the price down to 474.66. A further decline might test 471.33 if selling pressure persists. Should the selling continue, we expect to see a move down to 469.27. Failing to hold this level would likely result in the bears aiming for our low target of 467.60 for the day.

Apple Inc.

Apple AAPL is currently trading around our key level of 212.44. For the bullish scenario, we want 212.44 to hold as support. If the bulls can sustain this level, we look for a rally towards 214.07. Continued upward momentum may push the price to 215.25. Should the bulls maintain control throughout the day, our high bull target for Apple is 216.70.

In the bearish scenario, if 212.44 fails to hold as support, we anticipate a test of 211.12. With ongoing selling, the price could drop further to 209.81. Persistent bearish pressure might bring 208.81 into play. If this level breaks down, we expect the auction to reach our low bear target of 207.93 for Apple today.

Microsoft Corp.

Microsoft MSFT is presently trading around our reference level of 438.72. For the bulls, we need to see the price stay above 438.72 and push towards 441.34, holding this as support during the trading session. If 441.34 holds, it could drive the price towards 442.95. Sustained buying activity might see the price reaching our high bull target of 444.95 for the day.

If 438.72 doesn't hold as support, the bears will likely test 437.10 on the downside. A failure at this level could lead to a move towards 435.79. With continued selling pressure, the bears might push the price down to 434.49. Our low bear target for Microsoft today is set at 432.49.

NVIDIA Corporation

NVIDIA NVDA is currently trading around our critical level of 126.84. For the bullish outlook, we need to see a push towards 128.10 and reclaim this level as a defined area of support. From there, a move to 129.53 is anticipated. Continued buying could see a rally up to 131.42. Our high bull target for NVIDIA is 133.31.

On the bearish side, if 126.84 cannot hold as support, we expect the bears to test 125.21. Breaking down this level could lead to a drop to 123.41. A weaker auction might bring a test of 121.97. With sustained selling pressure, we anticipate reaching our low bear target of 120.27 for the day.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around our key level of 177.28. For the bullish scenario, we need 177.28 to hold as support and for the auction to move higher towards 179.15. If bullish momentum continues, we expect the auction to reach our high bull target of 180.46.

If 177.28 fails to hold as support, we expect the bears to drive the price down to 176.23. A break below this level could lead to an initial test of 174.01. With heavy selling, we anticipate the auction reaching our low bear target of 172.28 for Alphabet today.

Meta Platforms Inc

Meta META is currently trading around our key level of 508.25. For the bulls, we need to see the price remain above 508.25 and hold it as support. A strong buying auction could drive the price higher to 512.85. Continued bullish momentum might see the price reaching 515.39. Our high bull target for Meta today is set at 520.27.

If 508.25 cannot hold as support, we anticipate the bears will push the price down to 504.54. With continued selling, the price could drop further to 500.83. If this level breaks down, we expect the bears to aim for our low bear target of 498.03 for the day.

Tesla Inc.

Tesla TSLA is currently trading around our key level of 186.10. For the bullish outlook, we need to see the price push up to 189.22. Continued buying momentum could lead to a rally towards our key level of 191.52. If the broader market rallies today, Tesla might test higher levels at 193.81. With significant buying interest, the high bull target for Tesla is 195.91.

If 186.10 cannot hold as a strong support level, we expect the price to test lower at 184.10. Continued selling might bring 182.53 into play. If 182.53 breaks down, we expect the price to drop to our low bear target of 179.79 for the day.

Final Word: Today's trading session will be heavily influenced by the key data releases at 8:30 AM ET, which include Initial and Continuing Jobless Claims alongside the PPI Final Demand for May. These reports will be critical as they provide insight into the current state of the labor market and inflation, both of which are vital indicators for future economic policy. In light of the recent FOMC Press Conference with Jerome Powell, institutional investors and large traders will be closely scrutinizing these numbers to guide their decision-making processes. These figures could set the tone for market sentiment, potentially leading to heightened volatility.

Later in the day, at 1 PM ET, the Treasury will conduct a 30-Year Bond Auction. This event is significant as it could impact interest rates and provide further insight into investor confidence in long-term economic stability. Bond auctions often affect the broader financial markets, as they can influence yield curves and investment strategies.

Given the importance of these events, it is crucial to remain vigilant and pay close attention to trading volume and price action throughout the day. Market participants should be prepared for swift movements and be ready to adapt their strategies accordingly. Keep your head on a swivel, manage your risk carefully, and stay informed about the latest developments. 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.