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 important level of 624.64. Bulls are targeting an initial advance to 625.89. If momentum persists above 625.89, we anticipate buyers driving prices toward our next key support at 627.43. Should buyers confidently defend 627.43 throughout regular session trading, look for a continuation upward to 628.29, with our ultimate bullish target for the day sitting at 629.13.
If bulls lose their grip at 624.64, sellers will aim for downside momentum, initially challenging the 623.58 level. Continued bearish pressure will put the 622.29 mark at risk. Breaking this level decisively could see SPY quickly trading down toward the strong support at 620.55. If selling intensifies dramatically, bears might reach our lowest target for the session at 619.00.
Invesco QQQ Trust Series 1 (QQQ)
The QQQ is currently trading near our pivotal level of 558.46. Bulls must firmly establish price action above this mark, subsequently securing 560.39 as reliable intraday support. Persistent bullish sentiment should then encourage further upside momentum, targeting the next resistance at 562.87. If today’s buying is robust, anticipate a stretch toward 566.25, with our top bullish objective for the QQQ standing at 569.55.
Should QQQ fail to hold 558.46 convincingly during market hours, bears will seize control and push downward aggressively, first testing the 556.71 area. If weakness persists, expect a deeper selloff toward 555.57. Continued bearish dominance could trigger further downside pressure toward the support at 553.85. A breach here opens the door to our lowest bearish target of the day at 552.84.
Apple Inc. (AAPL)
Apple is trading near our crucial price level of 210.66. Bulls should aim to maintain this support, driving the stock upward initially toward 211.97. Sustained buying could elevate Apple to the next upside hurdle at 213.29. If bullish participants decisively dominate today’s trading, our high-end bullish target of 214.92 becomes attainable.
If buyers fail to defend the critical level at 210.66, bearish sellers will quickly target 209.66 as their first destination. Continuation of selling momentum would bring Apple down to the next support zone at 208.78. A breakdown of that level might induce additional selling toward 208.03, with further weakness potentially reaching our lower bear target at 207.40.
Microsoft Corp. (MSFT)
Microsoft is currently trading near our highlighted level of 505.50. Bulls will first need to secure the area above 505.20, setting the stage for a move upward toward 507.40, which would then act as an intraday support. Holding firmly above 507.40 would position Microsoft for a bullish run toward 509.27, with sustained buyer participation likely pushing prices to our daily bullish target of 511.71.
If 505.50 is not maintained, expect bears to swiftly challenge the 504.33 mark. Breaking below this support will encourage additional downside pressure, targeting 502.78. Should selling intensify, the next bearish objective becomes 501.26, ultimately opening a path toward our lowest bearish target for the session at 499.89.
NVIDIA Corporation (NVDA)
NVIDIA is currently trading around our critical level of 172.70. Bulls must push the price higher initially to reclaim and firmly establish support at 173.74. Continued upward momentum would then open a pathway to the next resistance point at 175.11. Strong buying throughout the day could drive NVIDIA further upward toward 176.45, with our top bullish target today placed at 178.11.
If NVIDIA cannot hold above 172.70, expect bearish sellers to target a move lower initially toward 170.50. A breakdown here with notable selling volume could rapidly take prices down to 169.00. Further weakening could see bears testing 167.69, and continued downside momentum might ultimately push NVIDIA toward our daily bearish objective at 166.70.
Alphabet Inc Class A (GOOGL)
Alphabet is presently trading close to our significant level of 182.04. Bulls will first aim to firmly secure this area as intraday support, targeting a push higher toward resistance at 183.09. Strong bullish activity might then extend this rally to reach today’s ultimate bullish target of 184.96.
If buyers are unable to protect 182.04, sellers will likely take control and aggressively test support lower at 180.93. If bearish sentiment intensifies, expect the auction to continue downward toward 179.82. Under heavy selling pressure, Alphabet could fall toward our low-end bearish objective of 178.09.
Meta Platforms Inc (META)
Meta is currently trading near our key level of 707.20. Bulls will look to establish firm price strength above 709.91, setting up the opportunity for further advances toward 711.86. Continued bullish conviction should then lift Meta toward the next resistance level at 714.50, with potential for buyers to drive price action toward our bullish target at 717.15.
If Meta fails to maintain support at 707.20, sellers will immediately target a decline to the support level at 703.29. Continued bearish activity would encourage a further drop toward 700.83. Should this area fail to hold, increased selling might accelerate the move down toward our lowest bearish target of the session at 698.83.
Tesla Inc. (TSLA)
Tesla is currently trading around our significant price level of 322.24. Bulls should first target a move upward to 324.52, with continued buying momentum potentially lifting prices to the next resistance at 328.20. If market sentiment is strongly bullish today, Tesla may push higher toward 334.13, with our maximum bullish objective sitting at 336.38.
If the support level at 322.24 is compromised, anticipate sellers moving swiftly to test lower prices around 320.40. Additional bearish pressure would likely bring Tesla down further to 318.56. Failure at this level with intensified selling could prompt further downside to our daily bearish target of 317.17.
Final Word:
Today’s economic calendar opens with the June Advance Retail Sales report at 8:30 AM ET, serving as a crucial barometer for consumer spending patterns that might reveal underlying economic vigor or softness, especially if results diverge from consensus estimates. Joining this are the weekly Initial and Continuing Jobless Claims, delivering timely updates on job market stability and unemployment trajectories. Still at 8:30 AM ET, the June Import Price Index will detail shifts in imported goods costs, possibly signaling imported inflation risks, while the Philly Fed Manufacturing Business Outlook Survey for July offers a glimpse into regional industrial sentiment and production outlook.
At 10:00 AM ET, the NAHB Housing Market Index for July will reflect builder optimism in the residential sector, alongside May’s Business Inventories data, which could inform on inventory accumulation and its implications for future growth. Fed speakers are also on deck today, starting with Governor Adriana Kugler at 10:00 AM ET, followed by New York Fed Director of Research Kartik Athreya at 12:00 PM ET, San Francisco Fed President Mary Daly at 12:45 PM ET, and Governor Lisa Cook at 1:30 PM ET. Their statements could provide nuanced views on inflation control, rate paths, and economic forecasts.
With such a packed schedule of releases and commentary, brace for substantial volatility as traders react to each development. Implement strong risk measures, be aware to real-time flows, and trade with discipline. Good luck and have a safe trading day!
For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: https://www.youtube.com/@MarketClubhouse.
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
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