Market Clubhouse Morning Memo - May 30th, 2023 (Trade Strategy For SPY, NVDA, TSLA, MSFT, And META)

Good Morning Traders! In today's Market Clubhouse Morning Memo, our focus is on SPY, NVDA, TSLA, MSFT, 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 SPY SPY, a prominent ETF tracking the S&P 500, is up in the premarket session due to an agreement being made over the long holiday weekend on the debt ceiling.

We currently find it between the channels of 421.98 and 422.70. If we see continued strength in the session, the upside targets are 423.89 and 424.52.

However, if we do have some strong sellers show up in today's session, we expect 421.15 to be tested to the downside. Further weakness could bring 420.69.

NVIDIA Corporation

NVIDIA NVDA, the global tech giant,  is blasting off in today's pre market session up over 15 points from Friday's close. On continued strength, we could see NVIDIA contine to make all-time-highs with targets of 410, 415 and 420 this week.

If for some reason, the AI sentiment starts to shift into the overbought mindset, we could see NVIDIA start to test the lower areas of this range with targets of 402.12 and 399.46.

Tesla Inc.

Tesla TSLA, the renowned EV manufacturer, has shown tremendous strength in the Tuesday premarket session with CEO Musk visiting China at this time. As long as 200.91 holds as an area of support, we have the upside target of 202.91 with a further upside potential of 206.09.

If Tesla cannot hold 200.91 as support, expect 198.62 to be tested to the downside with further weakness bringing 198.62.

Microsoft Corp.

Microsoft MSFT , a tech titan, is setting up nicely for a trade. We are currently seeing some overhead resistance at our level of 337.80. If this level can be pierced and turned to support, we could visit the upside target of 340.36.

If 337.80 continues to persist as an unbreakable level of supply, we would likely see 333.46 being tested to the downside.

Meta Platforms Inc

Meta META, formerly named Facebook, Inc., an American multinational technology conglomerate, has also been exploding to the upside in the Tuesday premarket session. We are currently trying to see 267.54 hold as support. If the market continues to rally today, expect that we would potentially test as high as 273.68 with massive momentum.

If the session goes soft and 267.54 cannot be commanded as a new level of support, then expect 263.19 to be probed to the downside.

Final Word: Today's session is going to likely be focused on the continued momentum in AI names. If the AI momentum shifts to the downside, there are a lot of tickers that could lose their value and the sentiment could shift violently. As always, it's paramount to keep your head on a swivel today and to trade the market presented in front of you - not the market you want to see. Good luck today!

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, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. For a limited time during our special promotion, you can join RIPS and get full access to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience.