Market Clubhouse Morning Memo - June 14th, 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 540.07 level. For the bulls, a push above 541.49 is desired. Sustaining price action above 541.49 could lead to a test of 542.93. If 542.93 holds during regular trading hours, we could see an advance towards 545.24. Our highest target for bullish activity today is 547.56.

Conversely, if 540.07 fails to hold as support, bears will likely test 539.18. Continued selling pressure may drive the price down to 538.30. Should this level break, a stronger support level lies at 537.20. If a significant sell-off occurs, the low target for the day is 536.31.

Invesco QQQ Trust Series 1

The Q's QQQ are trading around the critical level of 476.85. Bulls need to maintain this level to push higher towards 479.03. If 479.03 can be established as a support, the next target is 481.73. Sustained buying pressure could see the price reach 483.95, with our bullish target for the day at 486.10.

On the downside, if 476.85 fails to hold, bears might drive the price down to 474.66. Further selling could push the price to 471.33. If the bearish momentum continues, a test of 469.27 is expected. Should this level break, our low bear target for the day is 467.60.

Apple Inc.

Apple AAPL is currently trading around 212.44. Bulls aim to hold this level and push the price to 214.07. If the upward momentum continues, the price could reach 215.25. A strong bullish move could see the price climbing to our high target of 216.70.

If 212.44 fails as support, bears will likely test 211.12. Continued selling pressure may drive the price down to 209.81. If 209.81 is breached, the next support level is 208.81. On further bearish activity, the low target for the day is 207.93.

Microsoft Corp.

Microsoft MSFT is trading near the 438.72 level. Bulls are looking to hold this level and rally to 441.34. If 441.34 holds as support, the price could advance to 442.95. Sustained buying could push the price to our high target of 444.95.

If 438.72 does not hold, bears might target 437.10. Continued selling could drive the price down to 435.79. If the bearish trend persists, 434.49 is the next target. Our low target for the day is 432.49.

NVIDIA Corporation

NVIDIA NVDA is currently around 129.53. Bulls aim to push the price to 131.42 and hold this level as support. If successful, the price could reach 133.31. Further buying pressure might lead to a rally up to 135.64, with the high target set at 139.42.

Should 129.53 fail to hold, bears will likely test 128.10. Continued selling could see the price drop to 126.84. If this level breaks, 125.21 is the next support. On further bearish action, the low target for the day is 123.41.

Alphabet Inc Class A

Alphabet GOOGL is trading around 174.01. Bulls aim to maintain this level and push the price to 175.12. Continued buying could drive the price to 176.23, which is our high target for the day.

If 174.01 fails as support, bears might push the price down to 172.28. Further selling could see a test of 171.14. Should this level break, the low target for the day is 169.34.

Meta Platforms Inc

Meta META is currently around 500.83. Bulls need to keep this level and rally to 504.54. If 504.54 holds as support, the next target is 508.25. Continued bullish momentum could push the price to our high target of 512.85.

If 500.83 does not hold, bears might drive the price down to 498.03. Further selling pressure could see a drop to 495.54. If this level breaks, the low target for the day is 492.33.

Tesla Inc.

Tesla TSLA is trading around 182.53. Bulls are looking to push the price to 184.10. Continued buying could drive the price to 186.10. If the bullish momentum holds, the price could test 189.22. Our high target for the day is 191.52.

If 182.53 fails to hold, bears might push the price down to 180.45. Continued selling could drive the price to 178.50. If this level breaks, the low target for the day is 175.97.

Final Word: Today's session begins with the Import Price Index for May at 8:30 AM ET. This early report will set the tone for the market, providing insight into import inflation trends which can influence overall market sentiment. The primary focus of the day will be the Preliminary University of Michigan Sentiment report for June, scheduled for release at 10 AM. This report is crucial as it gauges consumer confidence, which is a leading indicator of economic health. A positive sentiment read could buoy the market, while a negative one might lead to increased volatility.

Additionally, we will receive updates on the 1-Year and 5-10 Year Inflation outlooks from the University of Michigan, which are significant as they reflect consumer expectations about inflation. These expectations can impact everything from bond yields to Fed policy expectations. If these outlooks indicate rising inflation concerns, we might see pressure on equities as investors anticipate tighter monetary policy.

Given the relatively light economic calendar, there's a potential for a choppy trading day. Light news days can lead to unpredictable market movements, as traders may react strongly to any unexpected developments or rumors, especially paired with weekly options expirations today. Furthermore, keep an eye on any geopolitical developments or unexpected corporate news that could affect market sentiment. With the potential for sudden movements, ensure that you have your risk management strategies in place. This could be a day where technical levels play a significant role in guiding price action.

Trade cautiously, stay informed, good luck, and happy Friday!

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.