Market Clubhouse Morning Memo - July 10th, 2023 (Trade Strategy For SPY, QQQ, META, TSLA, MSFT, NVDA, And GOOGL)

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

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 is trading above our key level of 438.78 in the premarket on Monday. This level is crucial for the bulls to maintain their momentum and push the price higher to our next support level at 439.66. If this level holds, we expect the bulls to aim for 440.34 and 441.06 as their targets today.

On the other hand, if SPY fails to stay above 438.78 and we see some strong selling pressure, we expect the bears to take over and drive the price lower to 437.92. More selling could lead to a test of the lower support at 437.02. Our bear target for today is 436.51 if the market is weak.

Invesco QQQ Trust Series 1

The Q’s QQQ are trading within our channel of 366.15 and 366.69 in the premarket on Monday. For the bulls to dominate the market today, we need to see a clear break above 366.69. The bulls’ targets for today are 367.52 and 368.57.

However, if we see weakness in the market today and the Q’s break below 366.15, our bear targets for today are 365.59 and 364.65.

Meta Platforms Inc

Meta META is trading just below our key level of 293.91. If the bulls can show strength today and break above this level, we are looking for 297.33 as our upside target. Extremely strong buying could lead to a test of 300.23.

On the flip side, if 293.91 acts as a resistance level, we expect the bears to test our lower support level at 291.18 with more selling bringing the price to 288.87.

Tesla Inc.

Tesla TSLA is holding above our key level of 275.07. If the bulls can control the market today, our upside targets are 278.11 and 279.43.

If the market turns bearish today, we are looking for 275.07 to break to the downside with a bear target of 272.42. More selling below 272.42 could bring our low target of 269.48.

Microsoft Corp.

Microsoft MSFT is trying to reclaim our key support level at 335.96. If the market can stay strong above this level today, the bulls should aim for 337.80 as their upside target.

However, if we have a weak session today, we expect the bears to aim for our lower support level at 333.46. A break of this level to the downside with heavy selling could lead to a test of 331.24.

NVIDIA Corporation

NVIDIA NVDA is struggling to break above our upside level of 429.17 in the premarket on Monday. If the market stays weak below this level, we expect the bears to aim for 424.83 and 421.35 as their downside targets.

If NVIDIA can catch some buying interest today and the market shows signs of strength, we expect 429.17 to be broken to the upside with a test of our bull target at 432.36.

Alphabet Inc Class A

Alphabet GOOGL is trading between our channel of 118.30 and 119.14. If we see Alphabet selling off today and breaking below 118.30, we expect the bears to aim for 116.96 as their target.

If we see 118.30 acting as a support level that holds, we expect the bulls to test 119.14 as their target with more buying bringing 119.58.

Final Word: Today’s session is full of Fed speakers which could bring a lot of volatility to the market. Make sure you watch your positions closely as the volatility could be very sharp. Keep your mind alert and stay disciplined.

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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