Market Clubhouse Morning Memo - May 31st, 2023 (Trade Strategy For SPY, GOOGL, NVDA, TSLA, MSFT, And META)

Good Morning Traders! In today's Market Clubhouse Morning Memo, our focus is on SPY, GOOGL, 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, has drifted lower in the premarket session after a sell-off yesterday during regular trading hours. We are currently holding the 418.17 level as support. If this level is able to break to the downside, we will be targeting 417.47 and 416.54.

If the momentum shifts in the market and we can find 418.17 acting as support, then we would be looking at 419.04 being reclaimed as support with upside targets of 420.05 and 420.69.

Alphabet Inc Class A

Alphabet Inc. GOOGL, the tech conglomerate, is currently holding the support level of 122.87. If the stock can hold above that level for an extended period of time, we have two upside targets of 124.20 and 126.01.

However if 122.87 cannot hold as support today, we expect 120.96 to be tested with a further downside target of 120.96.

NVIDIA Corporation

NVIDIA NVDA, the global tech giant, had a decent sell-off yesterday and is currently trying to reclaim the support level of 394.89. If it cannot reclaim that level as support, we are targeting 390.33 to the downside as a next test of strength. If it continues to sell-off, the further bear target would be 384.49.

If NVIDIA can reclaim 394.89 as support, we are targeting 399.46 as a bull target. Further strength in the market could see 402.12 being tested to the upside.

Tesla Inc.

Tesla TSLA, the renowned EV manufacturer, had a mixed session yesterday on Tuesday. It is currently holding support at 198.62. If the market can find buyers today, expect Tesla to retest 200.91 and potentially 202.91 to the upside.

If we see 198.62 start to crack and big sellers are present on the tape, 196.54 and 195.23 could be tested to the downside.

Microsoft Corp.

Microsoft MSFT, a tech titan, had some selling in the early hours of the session on Tuesday. For Wednesday's session, we want to see a reclaim of 333.46 to the upside. The ultimate bull target for the day would be 337.80.

If 333.46 isn't reclaimed to the upside, we expect the price action to settle back down to our target of 328.52.

Meta Platforms Inc META Meta, formerly named Facebook, Inc., an American multinational technology conglomerate, has been fading off since Tuesday's session. If Meta cannot reclaim 263.19 as support, then we are going to look for the downside targets of 258.52 and 255.98.

However, if Meta can find the strength to reclaim 263.19 today, there is a bull target on deck of 267.54.

Final Word: Today's session is going to be driven by the debt ceiling discussions and whether or not a deal will be made and signed. There should be a good dose of volatility today, so please remember to keep your head on a swivel. Good luck!

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.