Market Clubhouse Morning Memo - June 23rd, 2023 (Trade Strategy For SPY, QQQ, AMZN, AAPL, TSLA, And MSFT)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AMZN, AAPL, TSLA, and MSFT.

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 experienced a significant drop during the overnight session and it currently lies within our 433.76 and 434.66 range in Friday's premarket trading. For those in favor of bullish outcomes, we hope that SPY can establish support at either 433.75 or 433.27. If we see either of these lower ranges becoming stable support, our bullish targets are 434.66 and 435.59 with a possible gap fill. In the event of a strong bullish trend today, our ultimate bull target is 437.02.

However, if SPY stays weak through Friday and fails to establish support at 433.27, we anticipate that the bearish traders might push towards the lows of 432.28, 431.78, and potentially as low as 431.04.

Invesco QQQ Trust Series 1

The Q's QQQ witnessed an exceptional bullish trend yesterday, but have seen a sell-off in the overnight session leading to a gap down. If major tech stocks show strength during Friday's regular trading hours, we expect the Q's to fill the gap upward. Our bullish targets for today are 364.65 and 365.59, with a further potential target of 366.69.

If the overnight selling persists, we'll be watching for a break below 363.23 with a bearish target of 361.41. Our ultimate bear target for the day is 360.08.

Amazon.com, Inc.

Amazon AMZN, a global technology behemoth with diverse interests, saw a substantial surge in buying on Thursday. If the 129.23 level continues to serve as support, our bullish targets are 131.23, with a maximum potential of 133.35.

However, if the 129.23 level breaks down, we have set 126.46 as the bearish target for today.

Apple Inc.  

Apple AAPL experienced a strong bullish trend in Thursday's trading. We're monitoring whether the bulls can maintain support at 185.53. As long as 185.53 holds firm today, our bullish target to establish new support is 186.52. If the 186.52 level holds during regular trading hours, we anticipate a potential high of 186.99.

Conversely, if 185.53 breaks down and the bears gain control, we're eyeing 184.96 as a bearish target. If there's further sell-off, our bearish targets for Apple are 184.59 and 184.09.

Tesla Inc.

Tesla TSLA saw a robust session on Thursday but is facing some obstacles at our key level of 262.68. If this resistance continues, our bearish target is 257.56. Further selling could lead to 254.28 and our ultimate bear target of 250.23.

However, if the bulls manage to reclaim 262.68 as support, our bullish targets are 264.46 and 266.83. If we can surpass 266.83, the day's ultimate bullish target is 269.48.

Microsoft Corp.

Microsoft MSFT is currently struggling to maintain support at 335.96 in the premarket. If this level doesn't hold, the bearish target is 333.46. If we see a break below this on heavy trading, our ultimate bear target for Friday is 331.24.

If we observe 333.46 holding firm, our bullish targets are 335.96 and 337.80.

Final Word: Today's trading session is expected to be volatile with the release of PMI data 15 minutes post the opening bell, and the expiration of all monthly options. Trade wisely and have a fantastic trading day!

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.

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