How To Trade SPY, Top Tech Stocks As Initial Jobless Claims Hit 247K Vs. 235K Expected

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 currently trading near the 596.57 level. For the bulls, we want to see buyers drive the price above 598.04. If strength continues above this area, the next key level to watch is 599.24. Holding 599.24 as support could open the door for buyers to push toward 600.51. If momentum remains on the buy side, the high bull target on the day sits at 601.22. 

Should 596.57 give way during today's session, we will be watching for sellers to challenge 595.14. If bears continue to press lower, a move toward 593.73 would be likely. Further downside action could see 592.00 tested next. If the session sees heavy selling, the low bear target to monitor for SPY is 589.71.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently hovering near the 528.44 level. Bulls want to see this level sustained with strength and buyers stepping in to reclaim 530.70 as firm support. If buyers maintain momentum, the next upside target is 532.52. Continued bullish follow-through may bring a move toward 533.70, with the high bull target for today set at 534.60. 

If 528.44 weakens during regular trading hours, look for bears to gain control and test 527.03. A further decline could see price move toward 525.19. If the downtrend accelerates, expect sellers to probe 523.91. Breaking that level could pave the way for a move down to the low bear target of 522.57.

Apple Inc. (AAPL)

Apple is currently auctioning near the 202.29 level. For buyers, we are watching to see if they can lift the price to hold above 203.48. Continued bullish strength could push price action up to 204.33. If buyers remain active, a move toward 205.54 is possible, with the high bull target today at 206.55. 

If Apple struggles to maintain 202.29 as support, we anticipate a potential test down toward 200.53. If selling continues to pick up, the next level to watch will be 199.51. Persistent downside momentum could bring 198.79 into play, with the low bear target for the session sitting at 198.22.

Microsoft Corp. (MSFT)

Microsoft is currently auctioning around the 463.27 level. Bulls are looking for sustained buying to push above this area and establish support at 464.70. Holding that level could lead to a move toward 466.44. If buying pressure remains strong, the high bull target for today is set at 467.65. 

If 463.27 fails to hold as support, we anticipate a move down to test 462.07. Should the bears remain in control, look for further weakness toward 460.78. A break below that could drive price action down toward 459.18, with the low bear target for Microsoft resting at 457.25.

NVIDIA Corporation (NVDA)

NVIDIA is currently trading near our key level of 141.21. Bulls want to see a move higher toward 142.35 and a firm hold of that level as new support. If buying continues, the next target to the upside is 144.21. Should momentum stay positive, we could see NVIDIA approach 145.61, with the high bull target today at 147.06. 

If 141.21 cannot hold as support, we expect sellers to press toward 140.28. Continued downside movement could bring the auction to test 139.42. If weakness persists, the next level to watch is 138.55. A strong move lower would have the bears targeting the session low at 137.94.

Alphabet Inc Class A (GOOGL)

Alphabet is currently trading around the 169.34 level. Bulls will look to build support here and push price higher toward 171.14. If the buying effort continues to drive the tape, the high bull target for today is 172.28. 

Should 169.34 fail to act as support, sellers will likely look to move the price down to 167.04. If that level is broken, look for the bears to target 165.41. Continued downside could bring Alphabet to test the low bear target on the day at 163.79.

Meta Platforms Inc (META)

Meta is currently auctioning around the 689.09 level. Bulls want to see this level hold with strength, allowing buyers to push the price toward 692.10. If momentum builds, the next target for bulls is 695.62. A sustained rally could bring Meta toward the high bull target of 699.93. 

If 689.09 loses support during today's session, sellers will likely press the auction lower to 683.97. Continued selling could test the next level at 679.79. If this level also breaks, the bears will aim for the low bear target today at 676.46.

Tesla Inc. (TSLA)

Tesla is currently trading near the 322.52 level. Buyers will want to push price action higher toward 327.59. If this level is secured, further upside could target 333.93. In the event of a broader market rally, Tesla could push toward 340.97, with the high bull target today set at 346.64. 

If 322.52 breaks to the downside, we'll be watching for a test of 315.93. If selling pressure builds, expect sellers to press toward 312.42. A breakdown below this level could drive the auction lower toward the low bear target of 310.17.

Final Word: 

Today's session brings several key economic reports to the forefront. At 8:30AM ET, we will see the release of Initial and Continuing Jobless Claims, April's Trade Balance, and the final Q1 readings for Non-Farm Productivity and Unit Labor Costs. Additionally, the Fed speaker calendar is active today with Kugler at 12PM ET, followed by Harker and Schmid at 1:30PM ET. Expect these events to generate periods of heightened market volatility, particularly as traders gauge the Fed's ongoing policy tone. 

With a full slate of catalysts on deck and markets sitting at key technical levels, today's trading could see strong directional movement. Be prepared for volatility around the data releases and Fed commentary. Stay disciplined, follow your trade plan, and manage your risk carefully throughout the session. Good luck today!

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