Market Clubhouse Morning Memo - July 12th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, And TSLA)

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

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

The CPI figures turned out to be even lower than the already modest forecasts, prompting the SPY SPY to rally in Wednesday's premarket trading. We have approached, but not yet surpassed, our upper threshold of 446.31. If we find enough momentum to surpass 446.31 today, we foresee the next targets being 447.94 and 450.23.

If we can't breach the 446.31 mark, we'll be watching for a support level at 445.08. If this doesn't hold, we expect bearish trends to challenge 443.42. Today's ultimate lower target is 441.06.

Invesco QQQ Trust Series 1

The Qs QQQ are making an effort to remain above 371.96 in Wednesday's premarket activity. If they manage to maintain this level, we anticipate the bulls targeting 373.82 on the upside. Further purchases today could lead to a challenge of 375.18 on the upside.

If the 371.96 mark faces a significant downturn, we'll look to 369.39 as a potential support level. If this level doesn't hold, we predict a bearish trend testing 368.57 and 367.52 on the downside.

Apple Inc.

Apple AAPL almost reached our crucial mark of 189.52 in the premarket trading. We're waiting to see if the bulls can firmly establish this level as higher support. If the market remains robust above this mark, we expect the bulls to aim for 190.33 on the upside.

If 189.52 cannot be surpassed, we'll watch for support at 189.16. If this mark is breached on the downside, we anticipate the market to show interest lower at 188.32.

Microsoft Corp.

Microsoft MSFT is attempting to breach our 335.96 mark on the upside. If this level is confidently regained today, the bulls' upside target is 337.80.

If the price action rejects 335.96, we'll aim for a retest of support lower at our key mark of 333.46.

NVIDIA Corporation

NVIDIA NVDA is currently maintaining above our key mark of 429.17. Provided this level holds, we're watching for tests of our two upside targets of 432.36 and 434.01.

If we observe a weaker market today and 429.17 fails as support, we expect bearish trends to retest 424.83 on the downside, with further selling making 421.35 a potential target.

Tesla Inc.

Tesla TSLA is currently stable above our key mark of 275.07. If this level holds firm, we're looking for the bulls to challenge 278.11 on the upside. If we can decisively surpass that level, an extremely bullish trend could potentially test 281.32.

If we see Tesla breaking below 275.07 today, our bearish targets on the downside are 272.42 and 269.48.

Final Word: Today's session will largely revolve around the market's reaction to the cooler-than-anticipated CPI figures and the Federal Reserve's subsequent actions. As we have multiple Fed speakers scheduled today, it's crucial to remain vigilant and trade with discipline. Best of luck today!

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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