Market Clubhouse Morning Memo - May 18th, 2023 (Trade Strategy For SPY, TSLA, AMZN, MSFT, And BABA)

Today, the Market Clubhouse Morning Memo features SPY, TSLA, AMZN, MSFT, and BABA. Keep a keen eye on these stocks, and be ready to seize potential breakouts or reversals. Remember to stay alert and tweak your strategies in accordance with the market dynamics to enhance your trading performance.

SPDR S&P 500 ETF Trust SPY The SPY, a prominent ETF reflecting the S&P 500, SPY had an extraordinarily bullish day yesterday that was kicked off by the positive sentiments surrounding the debt ceiling negotiations, encouraging consumer earnings reports, and a positive update from regional banks rallying all the way to our Clubhouse level of 415.71. Today, SPY has gapped up overnight between the channel of 415.71 and 416.54. If 415.08 can't hold support, expect a breakdown to 414.46 and 413.59.

However, if 415.71 is breached upward amid persistent bullish sentiment, look for upside targets of 416.54, 417.47, and 418.17.

Tesla Inc. TSLA Tesla, the well-known EV maker, also capitalized on yesterday's robust market rally. It is presently within the 175.16 and 176.57 price channel. A reclaim and hold of 176.57 could herald upside targets of 177.76 and 179.68.

Yet, if the market softens today due to data releases, 175.16 may fail, suggesting a downside range of 174.08 and 172.16.

Amazon.com, Inc. AMZN Amazon, a global technology behemoth with diverse interests, has been on a bullish rally since May 1st. It is currently holding the support level of 115.94. On continued buying pressure, we could see AMZN aiming for 118.05 by week's end or earlier.

If the sentiment of buyers becomes unstable and weak, we could see sellers stepping in to break the support of 115.94 and start targeting lower price levels of 114 and 112.45.

Microsoft Corp. MSFT Microsoft, a tech titan, managed to surpass the crucial 313.61 level in Wednesday's session, and it's holding this level in premarket trading. If 313.61 holds firm, anticipate upside targets of 316.04 and 318.48 by the end of the week.

Should buying pressure decline, the 313.61 level might fail, offering two primary downside targets of 311.91 and 309.38.

Alibaba Group Holding Ltd - ADR BABA Alibaba, a versatile technology giant based in China, has experienced a premarket surge, rebounding from the key level of 88.76. Having broken the topside resistance at 92.06, it has the potential to reach new monthly highs by week's end, with targets at 93.96 and 95.79.

However, if the market weakens today, expect 90.43 and 88.76 to be tested as firm support levels.

RIPS, an experienced professional in equities, options, and futures trading, is the heart of the Market Clubhouse, providing his expertise and insights in this dynamic trading world. Start your day with RIPS' daily market analysis, a handpicked watchlist, and exclusive Market Clubhouse price levels, which offer precise support and resistance indicators. Join RIPS in his live trading room every day at http://MarketClubhouse.club/Free where you can trade live with him and tap into his wealth of knowledge and experience.