How To Trade SPY, Top Tech Stocks Using Technical Analysis

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 trading near our pivotal area of 604.45. Bullish participants ideally want to see an initial lift toward 605.41. If buyers successfully defend that point, momentum could carry SPY higher to the subsequent supportive mark at 606.34. Strength holding above this zone during regular market hours would set up further upside potential toward 607.55, with an ultimate bullish aim of reaching 608.35 today. 

If buyers fail to maintain control at 604.45, bears will likely attempt to break through 603.38. Persistent selling could drag SPY lower, testing 602.37. Further downside pressure would target support at 601.22. A highly aggressive selling scenario today would put our bearish objective of 600.51 in play.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently consolidating around the critical mark of 536.95. Bulls should focus on reclaiming stability above 538.06 to validate further upward movement. Success here would encourage buyers to establish 539.02 as solid support, setting the stage for a drive toward 540.60. Sustained buying momentum could propel QQQ to challenge the 542.31 area, with an ambitious bull goal today of 543.58.

If QQQ struggles to maintain support at 536.95, bearish traders will aim to pull the market lower, initially targeting 535.30. Extended weakness would put pressure on 534.60. Should selling intensity continue, a test of 533.70 is probable, with a deeper bearish target for today’s session located at 532.52.

Apple Inc. (AAPL)

Apple is trading near our defined pivot of 204.33. Bullish traders want price stability above this area, ideally sparking a rally toward 205.54. Ongoing buying energy would likely propel the market upward, targeting 206.55. A sustained bullish drive could see Apple approach today’s ambitious bull target of 207.18.

Conversely, a loss of the 204.33 level would prompt bearish participants to aggressively push lower to test support at 203.48. Additional selling may see prices declining further toward 202.29. Heavy bearish pressure could continue, challenging 200.53, with our ultimate bearish target today placed at 199.51.

Microsoft Corp. (MSFT)

Microsoft is presently hovering near our significant level of 488.74. For bullish traders, holding firmly above this mark is essential to fuel an upward move toward 489.88. Stability at this higher level would set up bullish continuation, aiming next for 491.33. Persistent buying could push Microsoft higher to achieve today’s high-end bullish target of 493.62. 

Failure to defend 488.74 could shift control to bearish traders, who would likely press downward, targeting initial support at 487.59. Further weakening might lead prices down toward 486.72. Sustained bearish sentiment could trigger additional selling toward 485.93, with today’s deeper bearish target resting at 484.76.

NVIDIA Corporation (NVDA)

NVIDIA is actively trading around the key threshold of 145.61. Bullish investors aim to secure a move upward to reclaim 147.06 firmly as supportive ground. Continued bullish strength would then position the market for a climb toward 148.52. Robust buying momentum could further elevate NVIDIA, approaching 150.32, with today’s optimistic bull objective at 151.99. 

A breach below 145.61 could trigger bearish traders to target an immediate drop to 144.21. Sustained selling activity might see a deeper retreat to 143.41. Additional weakness would expose the support level at 142.35. If bearish momentum intensifies significantly today, a test of our ultimate bear target at 141.21 is expected.

Alphabet Inc Class A (GOOGL)

Alphabet is actively trading around our pivotal level of 167.04. Bulls will be focused on solidifying support here and pushing higher to achieve the upside target at 169.34. Sustained bullish momentum could fuel a further rally, approaching our bullish daily target at 171.14. 

Should 167.04 fail to hold, bearish sellers will seek downward momentum toward 165.41. Intensified selling could further push Alphabet down to 163.79. If bearish activity persists aggressively, we anticipate a deeper move targeting today’s bearish objective of 161.79.

Meta Platforms Inc (META)

Meta is currently oscillating around the key area of 704.07. Bulls will aim to swiftly reclaim and defend 708.06 as firm support, setting the stage for advancement toward 712.14. Strong buying activity might propel price higher to challenge 714.27. Continued bullish dominance could enable Meta to approach today’s elevated bullish target of 716.39. 

Conversely, failure to sustain the 704.07 support area would give bearish traders confidence to target an initial decline to 699.93. Persistent selling would bring further downside pressure, potentially pushing toward 695.62. Continued bearish activity might expose the lower bearish target today at 692.10.

Tesla Inc. (TSLA)

Tesla is actively trading near our crucial level of 356.80. Bulls aim to catalyze an upward movement toward 363.84. Sustained bullish energy could propel price action higher toward 370.22. Should broad market sentiment turn favorable today, buyers may aggressively lift Tesla to challenge 378.79, with today’s high-end bullish goal at 384.07. 

On the bearish side, losing the critical level at 356.80 would likely spark selling pressure targeting 350.87. Continued bearish strength could extend downward toward 346.64. If this support level fails under heavy selling pressure, a deeper bearish scenario emerges with today’s ultimate bearish objective at 340.97.

Final Word: Today’s economic calendar is densely packed, beginning at 8:30 AM ET with the release of the Philly Fed Non-Manufacturing Activity for June, the Q1 Current Account Balance, and Canada’s May CPI report. Shortly thereafter, at 9:00 AM ET, traders will digest the FHFA House Price Index data for April. The market will receive additional guidance at 10:00 AM ET from the Richmond Fed Manufacturing Index for June and the Conference Board’s June Consumer Confidence report. The Treasury’s 2-Year Note Auction at 1:00 PM ET may also influence bond market sentiment significantly. 

Moreover, traders must stay attentive throughout the day, as multiple Federal Reserve members are scheduled to speak, including Hammack (9:15 AM & 10:15 AM ET), Williams (12:30 PM ET), Kashkari (1:45 PM ET), Collins (2:05 PM ET), and Barr (4:00 PM ET). However, the session’s pivotal event will be Federal Reserve Chair Jerome Powell’s Semi-Annual testimony before the House Financial Services Committee at 10AM ET. Additionally, escalating geopolitical tensions, particularly concerning violations of the Israel/Iran ceasefire agreement, may amplify market volatility substantially. Given these multiple influential catalysts, prudent risk management will be crucial today. Stay vigilant and trade responsibly!

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