How To Trade SPY, Top Tech Stocks As NFP Data Takes Center Stage

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 auctioning near our level of 595.14. For the bulls to maintain control, we want to see a firm move higher toward 596.57. If buyers can sustain momentum above 596.57, we will be watching for them to bring the auction up to 598.04. Should 598.04 establish as dependable support, the path could open for buyers to press toward 599.24. If demand remains strong through the session, we would look for the price to challenge the high bull target of 600.51. 

If 595.14 loses footing as support, the bears may start pushing toward 593.73. Should we see sellers take charge there, the next lower test would likely come in at 592.00. If this level sees further weakness and breaks down, the door opens for sellers to target deeper support at 589.71. In an aggressive downside scenario today, we would monitor for potential drives toward the low bear target at 587.31.

Invesco QQQ Trust Series 1 (QQQ)

The QQQ is currently auctioning around 527.03. For bulls to keep momentum, we'd like to see price action step up above 528.44 and hold that level securely. If buyers control that zone, the next target would be 530.70 as an important support zone. Should the auction remain strong, advancing further upside to 532.52 would be on watch. If bullish enthusiasm continues, a push toward 533.70 is possible, with an ultimate high bull target today at 534.60. 

If bulls fail to maintain ground above 527.03, bears may look to press the auction down toward 525.19. Should this level give way, further selling could drive a test toward 523.91. Continued downward momentum would bring 522.57 into play as key support. If this fails under sustained pressure, the low bear target for today would be a move to 521.15.

Apple Inc. (AAPL)

Apple is currently auctioning around 202.29. For bulls to gain traction, we want to see them push the price above 203.48 and establish that as support. Continued buying momentum could then take the auction up toward 204.33. If bulls can maintain strength above there, we'd look for further movement to 205.54. In a strong buy-side session, Apple could climb toward the high bull target at 206.55. If 202.29 cannot be defended as support, bears are likely to probe lower toward 200.53. 

If selling pressure persists there, we'd anticipate a test at 199.51. Continued downside action could then see a move toward 198.79. Should sellers dominate the session, a potential move toward the low bear target at 198.22 would be in focus.

Microsoft Corp. (MSFT)

Microsoft is currently auctioning around 469.28. For bulls to stay in control, they need to see price climb and hold above 469.94. If this level becomes support, we expect the auction to push toward 470.77. Continued strength above that zone could invite buyers to target 472.11. If momentum builds through the session, the high bull target for Microsoft today is set at 472.91. 

If 469.28 cannot hold firm during the session, we would expect bears to initiate a move lower toward 468.61. If this level breaks under selling pressure, the next downside test would likely come at 467.65. Continued weakness could expose 466.44 to sellers. In a heavy selling environment, bears may aim for a move toward the low bear target of 464.70.

NVIDIA Corporation (NVDA)

NVIDIA is currently auctioning around the key level of 140.28. For bulls to control the tape, they will want to push price above 141.21 and confirm it as support. A hold above this level could lead to an advance toward 142.35. If buyers continue to show strength, we'd expect a rally toward 144.21. The high bull target for NVIDIA today stands at 145.61. 

If 140.28 does not hold as support, the bears may look to test down toward 139.42. If selling builds momentum below that level, the next key support would come into play at 138.55. Continued downside action could bring 137.94 into focus. If the session unfolds with heavy selling, the low bear target of 136.98 would be the next area to watch.

Alphabet Inc Class A (GOOGL)

Alphabet is currently auctioning near our level of 169.34. For buyers to remain in control, they will need to hold 169.34 and work the auction higher toward 171.14. If bullish momentum persists above that level, we would look for a potential move toward 172.28, which is today's high bull target for Alphabet. 

If the auction cannot maintain support at 169.34, we'd expect bears to press down toward 167.04. A breakdown of this level would open the door for sellers to test 165.41. If selling remains aggressive, the bears may ultimately target the low bear level of 163.79.

Meta Platforms Inc META

Meta is currently auctioning near 689.09. For bulls to retain control, we'd like to see 689.09 hold as a solid support zone and for the auction to push higher toward 692.10. Should that level convert to support, the next area we'd monitor is 695.62. If the buy-side remains dominant, today's high bull target is set at 699.93. 

If bulls cannot keep 689.09 supported, bears could take advantage and drive the auction lower toward 683.97. If this level gives way under pressure, we'd look for sellers to test 679.79. Should further downside occur, the bears could target 676.46 as the low bear level for today's session.

Tesla Inc. (TSLA)

Tesla is currently auctioning near 296.44. If bulls want to stay in charge, they will need to push price toward 298.28. If momentum holds above there, the next target would be a move toward 300.56. If buying pressure accelerates, we'd expect a test of 304.24, with the high bull target today standing at 310.17. 

If the 296.44 level fails to act as support, bears are likely to test the next downside level at 294.60. If that zone is breached, sellers may drive the auction toward 293.21. Continued weakness could open the path for a deeper move toward 290.47, which marks today's low bear target for Tesla.

Final Word: 

This morning brings a critical data point with the release of May's Non-Farm Payrolls report at 8:30 AM ET. Along with it, markets will digest the latest figures on unemployment, labor force participation, and average hourly earnings, all of which could sharply impact sentiment. In the afternoon, we will also see April's Consumer Credit data at 3 PM ET. 

Expect volatility to be elevated today, especially during the opening auction and into any potential post-data reactions. It will be important to stay nimble, as key levels may get tested on both sides of the tape. Also remain alert to any breaking headlines that could amplify moves throughout the session. Good luck, trade smart, happy Friday, and enjoy your weekend!

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