Market Clubhouse Morning Memo - May 22nd, 2023 (Trade Strategy For SPY, NVDA, MSFT, AAPL, and TSLA)

In today's Market Clubhouse Morning Memo, our focus is on SPY, NVDA, MSFT, AAPL, and TSLA. These carefully selected stocks are determined using our proprietary formula, exclusive to Market Clubhouse. This formula incorporates essential factors such as price, volume, and options flow to generate precise price levels. Our dedicated team updates these levels daily, ensuring Clubhouse Members receive the most up-to-date information during our Morning Call, held prior to the market's opening.

We strongly advise closely monitoring these stocks and being prepared to capitalize on potential breakouts or reversals. By staying attentive and adaptable to market conditions, you can optimize your trading gains. Remember, at Market Clubhouse, we are committed to providing you with valuable insights and empowering you to make informed trading decisions. Let's seize the opportunities that lie ahead and make the most of today's market movements.

SPDR S&P 500 ETF Trust SPY Last Friday, the SPY, a prominent ETF tracking the S&P 500, experienced a significant downside move due to concerns over the debt ceiling discussions stalling out. As of now, we are holding within the channel of 418.17 and 419.04. If there are positive developments in the debt ceiling discussions, we may see the SPY climbing towards bullish targets at 420.05 and 420.69.

However, if the debt ceiling discussions continue to pose challenges and we witness pressure on the 418.17 level, we could experience bearish momentum towards 417.47 and 416.54.

NVIDIA Corporation NVDA Global tech giant NVIDIA faced a slight decline in Friday's session, with the selling pressure carrying over into the weekend. During today's premarket session, it is currently trading within the channel of 307.12 and 311.80.

If the market rallies today due to positive developments in the debt ceiling discussions, we might see NVDA aiming for upside targets at 315.49 and 319.45. However, if the market shows bearish sentiment, we could witness a breakdown below 307.12, with a potential bearish target at 303.20. It's important to note that NVIDIA is scheduled to report earnings on Wednesday, May 24th, after the market closes. This could result in a significant increase in options premium leading up to the earnings report. Savvy traders may consider waiting until after the report to engage in options trading for NVIDIA.

Microsoft Corp. MSFT Tech titan Microsoft displayed extreme choppiness in Friday's session. However, it has since reclaimed the Market Clubhouse level of 318.48 during the premarket. If this level holds, we can expect a potential test of 320.05 to the upside.

In the event of a broader market sell-off, a downside target of 316.04 might come into play as a level of support.

Apple Inc. AAPL Multinational technology company Apple saw a 1% decline in the premarket today on Monday following a downgrade from Loop Capital. Loop Capital released a predictive note stating that they anticipate Apple falling short of their June quarterly guidance.

Currently, Apple is holding the level of 173.24 in the premarket. If the market shows strength to the upside, potential targets for Apple are at 174.05 and 175.09. However, if 173.24 breaks down, we should anticipate a test of 172.35.

Tesla Inc. TSLA Well-known electric vehicle manufacturer Tesla is currently holding steady within the channel of 179.68 and 181.37. If we witness a strong reclamation of 181.37 today, we can anticipate potential upside targets at 182.53 and 184.10.

Should 179.68 fail to hold as support, we might see a test of lower support at 177.76. In the event of a breakdown below that level, the auction could probe 176.57 in search of additional support.

Final Word: This week promises to be an exciting and volatile one, with a full schedule of Fed speakers and earnings reports from major consumer retailers. As always, remain vigilant and adapt your trading strategies to the current market conditions. Good luck to everyone trading this week!

Professional trader RIPS, a seasoned veteran in equities, options, and futures trading, is at the heart of the Market Clubhouse, offering his insights and expertise in the fast-paced world of trading. Start your day with daily market analysis, a carefully selected watch list, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. Join RIPS in his live trading room every day at https://MarketClubhouse.club/Free where you can trade live with him and tap into his wealth of knowledge and experience.