Benzinga - by RIPS, Benzinga Contributor.
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 The SPY (ARCA: SPY) is presently trading near our critical level of 541.49. For the bullish scenario, we want to see the price push higher to 542.93. If it maintains strength above this point, buyers could drive the price up to the support level of 544.04. Sustaining above 544.04 during regular trading hours could result in a further rise to 545.24. Our highest bullish target for the SPY today is 546.46.
Should 541.49 fail to act as support, we anticipate the bears testing the strength at 540.07. If selling pressure continues, the next level to watch is 539.18. A break below this level could bring the price down to a strong support at 538.30. In case of an intense sell-off, our low bear target for the SPY today stands at 537.20.
Invesco QQQ Trust Series 1 The QQQ (NASDAQ: QQQ) is currently trading around the key level of 479.03. For the bulls, maintaining a position above 479.03 is crucial. If this level holds as support, we could see a move up to 481.73. Continued bullish momentum might push the price to 483.95. If today's auction is strong, we could see an upward test at 486.10. Our high bull target for the QQQ today is 488.96.
If the QQQ struggles to stay above 479.03, we expect the bears to take charge and drive the price down to 476.85. Should weakness persist, the bears might target 474.66. If sellers dominate, a drop to 471.33 is possible. If this level fails to hold, the low bear target for the day is set at 469.27.
Apple Inc. Apple (NASDAQ: AAPL) is currently trading around 214.07. For a bullish outlook, we need to see 214.07 hold as support. If buyers can maintain control, the price could climb to 215.25. Continued upward momentum could push Apple to 216.70. If the bulls dominate today's session, we could see a rise to our high bull target at 218.08.
If 214.07 does not hold as support, we anticipate a test of 212.44. With further selling pressure, the price could drop to 211.12. Continued downward momentum might bring the price to 209.81. If this level breaks, our low bear target for Apple today is 208.81.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is trading around 442.95. For a bullish scenario, we need the price to stay above 442.95 and push up to 444.95. Holding this level during regular trading hours could drive the price to 446.33. Continued buying could see Microsoft reach our high bull target at 448.18.
If 442.95 fails as support, the bears may test 441.34. Breaking below this level could lead to a further decline to 438.72. Continued bearish pressure might push the price down to 437.10. The low bear target for Microsoft today is 435.79.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is trading near our key level of 132.19. For a bullish outlook, we need the price to rise to 133.31 and establish it as a support level. If buying continues, the price could climb to 134.56. Further strength might see a rally up to 135.64. The high bull target for NVIDIA today is 136.98.
If 132.19 fails to hold as support, we expect the bears to test 131.42. Should this level break, the price could drop to 129.53. Continued selling pressure might push the price down to 128.10. The low bear target for NVIDIA today is 126.84.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is trading around 176.23. For a bullish scenario, we want the price to stay above 176.23 and move up to 177.28. Continued bullish action could drive the price to 179.15.
If 176.23 fails as support, we expect the bears to drive the price down to 175.12. Should selling intensify, a further drop to 174.01 is possible. On heavy selling, the low bear target for Alphabet today is 172.28.
Meta Platforms Inc Meta (NASDAQ: META) is currently around 500.83. Bulls need to keep this level and rally to 504.54. If 504.54 holds as support, the next target is 508.25. Continued bullish momentum could push the price to our high target of 512.85.
If 500.83 does not hold, bears might drive the price down to 498.03. Further selling pressure could see a drop to 495.54. If this level breaks, the low target for the day is 492.33.
Tesla Inc. Tesla (NASDAQ: TSLA) is trading around the key level of 179.79. For a bullish scenario, we want to see the price rise to 182.53. Continued buying could push the price to 184.10. If the market is bullish today, Tesla might test 186.10. The high bull target for Tesla today is 189.22.
If 179.79 does not hold as support, we expect a test lower at 176.34. Further selling pressure might bring the price down to 172.61. If this level breaks, the low bear target for Tesla today is 169.70.
Final Word: Today's trading session features limited significant data releases. At 8:30 AM ET, the Empire Manufacturing numbers for June will be released. Following that, the Treasury will hold a 3 and 6 Month Bill Auction at 11:30 AM ET. Additionally, we will hear from Patrick Harker, a non-voting member of the Federal Reserve, at 1:00 PM ET. Given that this is a short week due to a holiday on Wednesday and triple witching on Friday, anticipate a challenging week of trading with light volume and erratic volatility. Good luck and trade safely!
The Morning Memo is curated by RIPS, a pro trader with years of experience in equities, options, and futures trading. RIPS is at the heart of the exclusive Market Clubhouse community, offering his insights, expertise, and real-time mentorship.
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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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