Market Clubhouse Morning Memo - July 5th, 2023 (Trade Strategy For SPY, QQQ, AAPL, TSLA, NVDA, And META)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, TSLA, NVDA, and META.

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 during our daily Morning Call, 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

US equity futures are showing a decline overall. SPY SPY is opening lower in Wednesday's premarket trading. Currently, SPY is finding support at our key level of 441.62. If the price action remains above this level with confidence, our upside targets for the day are 442.61 and 443.90.

However, if 441.62 acts as a resistance level, we will monitor for potential lower support at 441.06 or 440.34. In the event of heavy selling, our bearish targets are 439.66 and 438.78.

Invesco QQQ Trust Series 1

The QQQ ETF QQQ is currently trading within the range of 367.52 and 368.57. If we observe a rally in the tech sector today, we will be looking for a break above 369.39 and 370.08 with strength. Our ultimate bullish target for the day is 370.91.

Conversely, if tech stocks experience selling pressure in Wednesday's session and the QQQ fails to hold 367.52 as support, we anticipate the bears to target the downside levels of 366.69 and 365.59.

Apple Inc.  

Apple AAPL encountered some selling during Monday's regular trading hours and in Wednesday's premarket. Currently, the price action is hovering around our key support level of 191.25. If the price finds stability and shows strength, we expect a potential move towards our higher levels of 192.21 and 192.60. Further strength could lead to a test of 193.18 on the upside.

However, if Apple continues to sell off and 191.25 fails as support, we anticipate the bears to push the price action towards 190.33. Further selling may result in a test of 189.16.

Tesla Inc.  

Tesla's TSLA performance during Monday's regular trading hours was relatively mixed. Currently, it is trading within the range of 275.07 and 279.43. If we witness strength during today's session, we will monitor for a reclaiming and strong hold of 281.32. If that level holds, our bullish target for the day is 286.34.

On the other hand, if heavy selling causes a breakdown below 275.07, we will watch for the bears to target 272.42 and 269.48.

NVIDIA Corporation

NVIDIA's NVDA price action is within the range of 419.36 and 421.35. If there is a breakout above 421.35 today, we will expect the bulls to target 424.83. In the case of extreme buying pressure, our ultimate bullish target is 429.17.

However, if weakness prevails in the auction and 419.36 fails as strong support, we anticipate the bears to target 413.76 on the downside.

Meta Platforms Inc. 

Meta META is currently holding strongly above our key support level at 285.10. If the bulls maintain control of the auction today, we will watch for a reclaiming of 286.94 as a new support level. Continued buying could potentially drive the price action towards 288.87 on the upside.

If sellers successfully test 285.10 to the downside, we anticipate the bears to target 284.18 and 283.08.

Final Word: Today's session will likely revolve around the release of the FOMC minutes scheduled for 2:00 PM ET. Given the holiday yesterday and lower participation this week, the session may experience lower volume. It's important to keep an eye on relative volume, as lower volume across the board could present challenges. Good luck!

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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