How To Trade SPY, Top Tech Stocks With GDP Data In Focus

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 around our pivotal level of 609.33. Bulls are aiming to capture momentum early and push the price upward to 610.63. If the market confidently sustains action above 610.63, the next step for buyers will be to secure our key support at 611.39, opening the door for an advance toward 612.68. The bullish stretch target for SPY today stands at 613.46. 

On the downside, if SPY struggles to maintain 609.33, bears will quickly pressure lower toward 608.35. Should selling activity persist, watch for further weakness at 607.55. Breaking decisively below this point under strong selling pressure will set the stage for a significant test at 606.34. If the bears dominate today’s price action, the lower boundary target is set at 605.41.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is actively auctioning near our crucial pivot at 543.22. Bulls need to maintain strength above this point, driving the auction higher to solidify support at 545.14. Continued bullish participation can lead to an advance toward 547.65. A sustained strong auction could propel QQQ to the 550.60 area, with a bullish target set firmly at 553.46. 

Should the bulls fail to hold above 543.22, bearish traders will likely seize the initiative, pressing lower aggressively toward 542.31. If sellers gain traction, anticipate a deeper pullback toward 540.60. Persistent selling might further weigh down QQQ to test 539.02, and a breach of this support may open the path toward today’s low bear target at 538.06.

Apple Inc. (AAPL)

Apple is currently trading close to our significant marker at 200.53. Buyers need to firmly defend this level as support, with initial targets at 202.29. Strengthening bullish interest may accelerate the climb toward 203.48, and if buyers can maintain control throughout today’s session, expect a bullish push toward the daily target at 204.33. Conversely, failure to hold above 200.53 will likely see bearish momentum intensify, driving prices lower toward 199.51. Continued selling activity would pressure the auction further downward, aiming at 198.79. Increased bearish aggression may extend the decline to 198.22, with our bearish scenario bottoming out at 197.69.

Microsoft Corp. (MSFT)

Microsoft is currently navigating around our critical level of 493.62. Bulls aim to solidify the price action above this area, targeting a move to 495.11 and establishing it as new support during today’s session. Achieving this would likely stimulate additional bullish moves toward 496.90, potentially extending the rally to the high bull target at 498.27. 

If buyers falter at 493.62, expect bearish forces to capitalize swiftly, driving the price down to 491.33. Sustained weakness at this point may lead to further declines toward 489.88. Should sellers maintain control, anticipate an additional downward push toward 488.74, culminating at today’s low bear target of 487.59.

NVIDIA Corporation (NVDA)

NVIDIA is trading near our key level at 156.49. Buyers are looking for initial bullish strength to reclaim and hold support at 158.34. Success here would encourage upward momentum toward 160.64. Continued buyer enthusiasm could further extend the rally toward 162.15, setting the stage for reaching today’s ambitious bull target at 164.35. 

If NVIDIA fails to sustain above 156.49, sellers may drive the price quickly downward toward 154.64. Should bearish pressure intensify, expect continued declines toward 153.23. A notably weak auction today could result in additional tests at 151.99, potentially pushing the price to our lowest bear target at 150.32.

Alphabet Inc Class A (GOOGL)

Alphabet is actively trading around our pivot level of 172.28. Bulls must firmly establish control here, pushing prices upward toward initial resistance at 174.01. Robust buying interest through the session could carry the auction higher, ultimately targeting our high bull level at 175.12. 

On the bearish side, failing to maintain 172.28 could trigger selling momentum down toward 171.14. Continued bearish interest would test the price lower at 169.34. If selling pressure remains heavy, expect a move down toward our bearish session target of 167.04.

Meta Platforms Inc (META)

Meta is currently positioned around our key support at 714.27. For bullish sentiment to prevail, traders need to secure the price action above 716.39 and drive toward resistance at 717.87. Persistent bullish participation could elevate the auction further toward 720.11, ultimately aiming at our daily bullish goal of 721.50. 

Conversely, losing the level at 714.27 would signal bearish strength, with selling pressure likely taking the auction lower toward 712.14. If bearish momentum picks up significantly, watch for a continuation lower to test 708.06. A breakdown here could see bears driving the price down further, targeting our daily bearish boundary at 704.07.

Tesla Inc. (TSLA)

Tesla is currently oscillating near our pivotal level of 327.59. Bulls want early confirmation above this level to launch a rally targeting the first resistance at 333.93. Continued buying strength could carry prices higher, first reaching toward 340.97 and, on broader bullish market conditions, potentially hitting the next major resistance at 346.64. Today’s high-end bullish goal for Tesla is at 350.87. 

Should Tesla lose support at 327.59, expect bearish traders to dominate quickly, driving prices lower toward 322.52. Further selling activity may amplify downside momentum, testing 315.93. A decisive break below this area with sustained bearish volume may ultimately take prices down to today’s low bear target at 312.42.

Final Word: Today is notably eventful, kicking off with the highly anticipated Q1 final Reading of Annualized GDP and the GDP Price Index at 8:30 AM ET. This significant economic data will arrive simultaneously with the Chicago Fed National Activity Index, Preliminary Durable Goods Orders, and the Advance Goods Trade Balance – all critical indicators for assessing economic strength. Additionally, the Weekly Initial and Continuing Jobless Claims at the same time will provide essential insights into the labor market. Later in the morning, at 10:00 AM ET, traders should watch the Pending Home Sales for May, followed by the Kansas City Fed Manufacturing Activity report at 11:00 AM ET, which offers an important regional economic snapshot. 

Furthermore, today’s economic schedule is bolstered by several Federal Reserve speakers, including Barkin at 8:00 AM ET, Hammack at 9:00 AM ET, and Barr at 1:15 PM ET, each potentially influencing market sentiment and volatility. Lastly, keep an eye on the 7-Year Note Auction at 1:00 PM ET, as bond market dynamics could spill over into equities. With markets hovering near all-time highs and an intensive calendar of economic releases and Fed commentary, traders should brace for heightened volatility and remain disciplined in their risk management. Good luck and stay sharp today!

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