How To Trade Nvidia Under Earnings Spotlight?

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 (SPY)

SPY is presently trading near our pivotal area of 589.71. Bullish traders aim to lift prices first towards 592.00. If bulls successfully secure this level, the upward momentum may carry price action toward the next resistance zone at 593.73. A sustained bullish stance here during the cash session would open the pathway towards 595.14. The maximum bullish expectation today sits at the 596.57 mark. 

On the downside, if bulls lose control at 589.71, bearish pressure would likely intensify towards the lower test at 587.31. Persistent selling here could further push prices downward to challenge the critical support at 585.75. Should heavy selling materialize below this support, anticipate a deeper pullback towards our bear target for today at 583.18.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is trading near the crucial area at 522.57. Bullish conviction must materialize above this pivot to secure bullish footing and propel the market higher toward 523.91. Successful defense here could ignite an upward drive towards the subsequent resistance at 525.19. If bullish sentiment remains robust, anticipate further upward continuation targeting 527.03, with today’s top bullish goal set at 528.44. 

Should the buyers falter around 522.57, look for sellers to seize control, driving prices down to the support at 521.15. Persistent bearish energy here could lead the auction lower towards 519.87. Continued bearish momentum would open the door for a test of the deeper support at 518.65. Failing this support, expect sellers to target our low-end bearish objective at 517.97.

Apple Inc. (AAPL)

Apple's current trading hovers around our notable support at 200.53. Bullish traders will strive to maintain upward momentum above 202.29, aiming to rally towards 203.48. Sustained bullish sentiment at this zone may extend Apple’s rally further towards 204.33. A decisive bullish push higher today would ideally test our ultimate bullish level for Apple at 205.54. 

Conversely, failing to maintain the initial support at 200.53 could trigger a bearish move towards the immediate lower boundary of 199.51. Should selling activity persist here, anticipate further downside exploration to 198.79. Continued selling pressure might accelerate declines to test 198.22. If this area fails under bearish conditions, expect Apple to target the lower bearish level at 197.69.

Microsoft Corp. (MSFT)

Microsoft currently trades around our highlighted area at 460.78. Bulls are aiming to firmly defend this support and drive prices upward towards 462.07, establishing solid footing. Strong bullish consolidation here could trigger further upside action, initially targeting 463.27. Continued bullish advancement might propel prices toward today’s high bullish objective at 464.70. 

Should Microsoft fail to hold onto 460.78, expect bearish traders to actively pursue a downward test at 459.18. If weakness prevails at this point, sellers will likely target a deeper move to 457.25. Further bearish momentum could expose prices to additional downside risk, reaching 455.77. Persistent bearishness today could ultimately lead the market to our final bearish level of 453.02.

NVIDIA Corporation (NVDA)

NVIDIA currently auctions near our notable level of 136.98. Bulls seek an immediate bullish push towards 137.94, where solidifying support would suggest further bullish potential. Continued buyer conviction could fuel a move upward to 138.55. Sustained bullish aggression today would likely test the resistance around 139.42, with the day’s highest bullish objective marked at 140.28. 

Should buyers fail to hold the line at 136.98, anticipate bearish momentum driving prices lower towards initial support at 135.64. Breaking down here on strong selling volume would open further declines to 134.56. A prolonged bearish scenario would likely expose additional downside to 133.31. If bearish strength continues unabated, we anticipate testing today’s ultimate bear target at 132.19.

Alphabet Inc Class A (GOOGL)

Alphabet is currently trading around our significant area at 174.01. Bulls will aim to establish firm support here, initially seeking an advance to 175.12. Sustained bullish strength could facilitate further price exploration upwards, targeting today’s prime bullish objective at 176.23. 

On the downside, if 174.01 fails as solid support, bearish traders will likely push prices aggressively lower towards 172.28. Continued bearish dominance would trigger further selling towards 171.14. If the bearish sentiment amplifies, anticipate additional downside exploration towards our final bearish target today at 169.34.

Meta Platforms Inc (META)

Meta is trading near our notable pivot point at 642.59. The bulls are expected to defend this position vigorously and drive upward momentum initially toward 646.48. Strong buying interest could further propel Meta towards the 650.56 area. A decisive and sustained bullish effort today would aim to push Meta up towards our peak bullish goal of 655.54. 

Conversely, failure to hold support at 642.59 will likely prompt bearish traders to push lower aggressively towards 635.49. Continued bearish pressure could accelerate declines to 629.88. Breaking below this area decisively would likely encourage additional bearish momentum, aiming for today’s ultimate bearish target at 622.01.

Tesla Inc. (TSLA)

Tesla currently trades near our critical price zone at 363.84. Bulls are eager to drive prices higher to initially test the 370.22 resistance. A firm bullish presence here could fuel continued upward action towards the next significant resistance at 378.79. If bullish sentiment accelerates in today’s trading session, Tesla might extend its rally to the elevated target of 384.07, with today’s maximum bullish projection set at 390.23. 

If 363.84 fails to hold as significant support today, bearish traders will likely push prices lower towards initial support at 356.80. Continued bearish pressure may drive prices further down towards 350.87. Should bearish selling intensify, anticipate further downside risk targeting support at 346.64. Persistent selling pressure could lead Tesla down toward our final bearish price target today at 340.97.

Final Word: 

The economic docket today appears modest, but it contains key indicators that could ignite notable volatility. At 10AM ET, traders will monitor the Richmond Fed Manufacturing Index release for May, offering insights into the region’s industrial sector. Following this, at 10:30AM ET, the Dallas Fed Manufacturing Activity will offer another gauge of economic health, potentially influencing intraday sentiment. Midday activities include the Treasury’s 2-Year FRN Auction at 11:30AM ET, and subsequently, a 5-Year Note Auction scheduled for 1PM ET. The most anticipated event is the release of May’s FOMC Meeting Minutes at 2PM ET, providing valuable guidance on future monetary policy decisions. 

Expect increased volatility surrounding these events, especially the FOMC minutes, as traders dissect language for signals about future rate moves. Keep an eye out for additional headline-driven volatility stemming from geopolitical events, particularly developments around the ongoing Russia-Ukraine tensions, and updates concerning tariffs or global trade policy. Stay disciplined, manage risks carefully, and good luck in today’s session!

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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