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 level of 545.24. For the bulls, a push higher to 546.46 is desired. If the price can maintain strength above 546.46, we anticipate buyers to drive the price up to our support level of 547.56. Holding 547.56 during regular trading hours could result in a further rise to 548.13. Our high bull target for SPY today is 549.00.
If 545.24 fails to hold as support, the bears may test the 544.04 level. If sellers gain momentum, we could see a move down to 542.93. Should this level be breached under heavy selling, a robust support at 541.49 is expected. In a scenario of significant selling pressure, our low bear target for SPY is 540.07.
Invesco QQQ Trust Series 1 The QQQs (NASDAQ: QQQ) are currently trading near our critical level of 476.85. For bullish momentum, buyers need to sustain levels above 476.85. If this level holds firm, the next target is 479.03 as a robust support. Continued bullish activity could drive the price to 481.73. If the buying momentum persists, we could see a test of 483.95. The highest bullish target for today is 486.10.
If the price struggles to stay above 476.85 during regular trading hours, we anticipate the bears will push it down to 474.66. Further weakness could lead to a test of 471.33. Persistent selling pressure might bring the price to 469.27. If this support level breaks, we expect the bears to aim for a low target of 467.60.
Apple Inc. Apple (NASDAQ: AAPL) is currently trading around 209.81. Bulls need to ensure this level holds as support. If successful, we expect a rally towards 211.12. Continued bullish strength could see the price advancing to 212.44. Should the bulls maintain control, we look for a push towards our high target of 214.07 for the day.
If 209.81 fails to hold as support, we anticipate a test of 208.81. With further selling, the bears could drive the price down to 207.93. Continued downward pressure might lead to a drop to 207.18. If this level breaks, the bears will likely aim for a low target of 206.55.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is currently trading around 446.33. Bulls need this level to hold strong to target 448.18. Sustaining this support during regular trading hours could lead to a rally towards 450.26. If the bullish momentum continues, the price might reach our high target of 453.02.
If 446.33 does not hold as support, we expect the bears to test 444.95. Should this level break, a further decline to 442.95 is likely. Continued selling could push the price down to 441.34. Our low target for Microsoft today is 438.72.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is currently trading around the key level of 121.97. Bulls should push for an increase to 123.41 and reclaim it as a defined support area. A successful move here could drive the price to 125.21. Continued buying strength might lead to a rally towards 126.84. Our bullish target for the day is 128.10.
If 121.97 fails as a strong support level, we expect the bears to test 120.27. Should this level break down, a drop to 119.44 is possible. Weakness in the auction could bring a test of 117.86. On further selling pressure, our low target for NVIDIA is 116.61.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is currently trading around 179.15. Bulls need this level to hold as support to target 180.46. Continued bullish momentum could drive the price towards 181.77, our high target for the day.
If 179.15 fails to hold as support, we expect the bears to push the price down to 177.28. If this level breaks, the bears might test 176.23. With heavy selling, we could see a drop to our low target of 175.12.
Meta Platforms Inc Meta (NASDAQ: META) is currently trading around 498.03. Bulls need this level to hold as support to push the price higher to 500.83. Continued bullish activity could drive the price up to 504.54. If the momentum holds, we could see a rally to our high target of 508.25.
If 498.03 fails as support, we expect the bears to drive the price down to 495.54. Continued selling pressure might lead to a drop to 492.33. If this level breaks, the bears will likely aim for a low target of 488.81.
Tesla Inc. Tesla (NASDAQ: TSLA) is currently trading around the key level of 182.53. Bulls should push for a move to 184.10. Continued buying could lead to a rally towards 186.10. If a broader market rally occurs, we might see Tesla testing higher at 189.22. Our high target for the day is 191.52.
If 182.53 fails as support, we expect a test of 179.79. Continued selling could bring the price down to 176.34. If this level breaks, we anticipate a drop to our low target of 172.61.
Final Word: Today's session begins with a series of significant economic releases. At 8:30 AM ET, we have the Canadian CPI for May, which is expected to provide insights into inflation trends north of the border. Simultaneously, the Philly Fed Non-Manufacturing Activity for June and the Chicago Fed's National Activity Index for May will be released, offering additional perspectives on economic conditions. These early reports could set the tone for market sentiment at the open.
At 9 AM ET, the FHFA House Price Index will be published, providing data on housing market trends which have been a focal point for both investors and policymakers. Shortly after the New York market opens at 10 AM ET, we will see the release of the Consumer Confidence data for June. This is a critical indicator of consumer sentiment and spending intentions, which could have a significant impact on market movements.
Additionally, today's session includes scheduled speeches from two voting Federal Reserve members, Bowman and Cook. Their comments on monetary policy could provide clues about the Fed's future actions, especially in the context of recent inflation data and economic performance. Their insights will be closely watched by market participants for any indications of policy shifts or reaffirmations of the current stance.
Traders should keep a close eye on volume and market reactions to these events. Sudden swings in volatility are possible, especially if the data surprises or if the Fed speakers provide unexpected commentary. As always, maintaining a cautious and disciplined approach is essential. Use these economic releases as opportunities to gauge market sentiment and adjust your strategies accordingly. 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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