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 currently trading around our key level of 550.45. For the bullish scenario, we need an initial push higher to 551.33. If the price action maintains strength above this level, we anticipate buyers bringing the price up to our next support at 552.50. Should 552.50 hold during regular trading hours, a further push to 553.66 is expected. Our highest bull target for SPY today is 555.11.
Conversely, if 550.45 fails to hold as support, we look for the bears to test 549.67. If sellers emerge, the next target is 549.00. A break below this level on strong selling could see support tested at 548.13. In the event of a strong sell-off, our lowest bear target for the day is 547.56.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are currently trading around our key level of 488.96. For a bullish outlook, we need to see buyers sustain above 488.96. If this level is solidified as support, our next target is 491.82. Continued bullish momentum could push the price to 493.60. Should the auction remain strong, a test of 495.35 is likely. Our high bull target for the Q's today is 498.37.
If the auction struggles to hold above 488.96, we expect the bears to take control and push the price down to 486.10. Weakness could see further testing at 483.95. Persistent selling might drive the price down to 481.73. If this support fails, our low bear target for the day is 479.03.
Apple Inc. Apple (NASDAQ: AAPL) is currently trading around our key level of 215.25. For a bullish scenario, we need to see this level held as support. A rally could then push the price to 216.70. If the bullish momentum continues, we could see the price rise to 218.08. Should buyers maintain control, a further push to our high bull target at 219.19 is expected.
On the downside, if 215.25 fails to hold as support, we look for a test of 214.07. Continued selling pressure might drive the auction to 212.44. If the bears persist, 211.12 will be the next level in play. If this level is breached, our low bear target for Apple today is 209.81.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is currently trading around our key level of 448.18. For a bullish outlook, we need to see the price hold above 448.18 and rally to 450.26. If this level is confirmed as support during regular trading hours, the price could push up to 453.02. Sustained buying momentum might see the price reach our high bull target for the day at 455.77.
On the flip side, if 450.26 does not hold as support, we expect the bears to test 448.18 to the downside. A break below this level could see the price drop to 446.33. Continued selling pressure might drive the price lower to 444.95. Our low bear target for Microsoft today is 442.95.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is currently trading around our key level of 139.42. For the bulls, we need a push to 140.28 and a reclaim of this level as a clear support. If the bullish momentum continues, the next target is 141.21. Sustained buying could lead to a rally up to 142.35. Our high bull target for NVIDIA today is 144.21.
If 139.42 fails to hold as support, we expect the bears to test 138.55. A break below this level could see the price drop to 137.94. Weakness might drive the auction to test 136.98. Continued selling pressure could bring the price down to our low bear target for the day at 135.64.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is currently trading around our key level of 175.12. For a bullish outlook, we need this level to be held as support and the price to trade higher to 176.23. Sustained bullish momentum might bring the auction to our high bull target at 177.28.
On the downside, if 175.12 fails to hold as support, we expect the bears to push the price to 174.01. A break below this level could see an initial test at 172.28. Heavy selling might drive the price down to our low bear target for Alphabet today at 171.14.
Meta Platforms Inc Meta (NASDAQ: META) is currently trading around our key level of 504.54. For a bullish scenario, we need this level to hold as support and the price to rally to 508.25. Strong buying could push the price up to 512.85. Sustained bullish momentum might bring the auction to our high bull target at 515.39.
If 504.54 fails to hold as support, we look for the bears to drive the price down to 500.83. Continued selling pressure might bring the price lower to 498.03. If this level breaks, our low bear target for Meta today is 495.54.
Tesla Inc. Tesla (NASDAQ: TSLA) is currently trading around our key level of 186.10. For a bullish outlook, we need a push to 189.22. Sustained buying could see the price rally to our key level of 191.52. If the broader market is bullish today, we might see Tesla testing higher at 193.81. A strong buy-side session could bring the price to our high bull target at 195.91.
On the downside, if 186.10 fails to hold as support, we expect a test lower at 184.10. Continued selling might bring 182.53 into play. If sellers persist, we anticipate a drop to our low bear target for Tesla today at 179.79.
Final Word: Today's trading session is set to be particularly eventful with several significant economic data releases that could impact market movements. Starting at 8:30 AM ET, we have the Initial and Continuing Jobless Claims reports, which are crucial indicators of labor market health. At the same time, the Philadelphia Fed Business Outlook for June will be released, offering insights into regional manufacturing conditions.
Adding to the early morning activity, we will also see the release of Building Permits and Housing Starts for May. These figures are important as they reflect the health of the housing market and can signal broader economic trends. The housing data could have substantial implications for market sentiment, particularly in sectors linked to real estate and construction.
Later in the day, at 1 PM ET, the Treasury will conduct a 5-Year TIPS (Treasury Inflation-Protected Securities) Auction. This auction is noteworthy as it provides a gauge of investor sentiment regarding inflation and real yields. The results can influence bond market dynamics and, by extension, equity market movements.
It's also essential to keep an eye on trading volume throughout the day, especially since we are on the eve of triple witching Friday. Triple witching refers to the simultaneous expiration of stock options, stock index futures, and stock index options, which typically leads to increased volatility and trading volume. This could create both opportunities and risks for traders.
As always, it is crucial to stay informed and be prepared to adapt to the market's movements. 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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