Market Clubhouse Morning Memo - June 9th, 2023 (Trade Strategy For SPY, TSLA, META, NVDA, AAPL, And CVNA)

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

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 bounced back into a bullish trend, achieving a 20% increase from its lows in October. However, uncertainty persists as to whether this is the inception of a new bull market or merely an uptick within a bear market.

Currently, SPY is maintaining support at our crucial level of 428.62, with the higher limit of the channel at 429.28. If bulls want to assert dominance today, we need to establish 429.28 as the new support level. Our bullish objectives for the day are 430.05 and 431.04.

If today's session is softer and we witness 428.62 breaking downwards, it's likely that the bears will aim to test 427.71, 427.08, and ultimately 426.37.

Tesla Inc.

There was significant news for Tesla TSLA in Thursday's after-hours session: both GM and Ford have teamed up with Tesla to utilize its North American charging network and technologies. GM vehicles will be able to use Tesla's chargers and the NACS charging standard. This development may compel other automakers to adopt Tesla's technology.

Tesla witnessed an approximately 6% increase overnight and is now above our support level of 243.98. If Tesla can maintain above 243.98 and solidly claim the higher support band of 246.16, our bullish targets for the day are 252.38 and 257.56.

If today's session sees a significant amount of profit-taking and selling, the bears would likely aim for a clear break of 243.98, with the downward target being 238.50. Further selling might lead to our bearish target of 235.74.

Meta Platforms Inc

Meta META, formerly named Facebook, Inc., an American multinational technology conglomerate, experienced a strong rally and respected our Market Clubhouse levels featured in yesterday's Morning Memo. It reached our level of 267.54. The stock is currently trying to establish support above 263.19. If we regain this level, we're again aiming for 267.54 for Friday's session.

However, if 263.19 sees a strong rejection, we'll likely see the bears target 261.11 with a potential deeper sell-off to our level of 258.52.

NVIDIA Corporation

NVIDIA NVDA, the global tech giant, is striving to regain 390.33 as support. If bulls dominate the stock today, our targets on the upside are 392.27 and 394.89.

If the stock struggles to surpass 390.33 and rejects the level, we're aiming for 387.85 and 384.49 on the downside.

Apple Inc.

Apple AAPL is currently maintaining above our key level of 180.60. On the upside, we're looking for bulls to claim 181.25. If that level is established as new support, a strong rally could reach 182.27.

If 180.60 starts to reject today and the bears gain control, our downside target is 179.36. If that level breaks downward, we could potentially see the bears aim for 178.61.

Carvana Co.

Carvana CVNA , the fastest growing online used car dealer in the United States, experienced a significant rally in Thursday's trading. It's currently maintaining our key level of 23.63 as support. As long as the stock remains above this level, we're aiming for 27.21 and 28.69 on the upside. A major squeeze could potentially reach our high bullish target of 31.06.

If we see 23.63 beginning to fail with heavy sellers on the tape, our bearish target is 20.22, with further downward pressure potentially testing 18.46.

Final Word As we endure the final trading day of the week, remember to end strong and adhere to your own trading strategy and discipline. With the upcoming release of CPI data and the FOMC meeting next week, there will be ample trading opportunities. Trade wisely and safely, and enjoy a wonderful weekend ahead!

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.

Start your day with a live 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. When you become a member of Market Clubhouse, you will get early access to the Morning Memo just like this one every single day, hours before it goes to publication. For a limited time during our special promotion, you can join RIPS and get a full access pass 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.