Market Clubhouse Morning Memo - June 5th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META And TSLA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, 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, 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 SPY SPY is currently trading near our identified level of 528.66. For a bullish outlook, we want to see an initial rise to 530.09. If the price action stays robust above 530.09, we expect buyers to drive the price up to our support level of 530.77. Holding above 530.77 during regular trading hours could lead to a further move up to 531.57. Our top bullish target for SPY today is set at 532.56.

On the bearish side, if 528.66 fails to hold as support, we anticipate a test of 527.36 by the bears. Should selling pressure continue, the next level to watch is 526.31. If heavy selling persists and breaks this level, we have a solid support level lower at 525.26. In the event of a strong sell-off, our lowest bearish target for today is 523.76.

Invesco QQQ Trust Series 1

The Q's QQQ are currently trading around the key level of 456.23. For a bullish scenario, we need to see buyers maintaining strength above 456.23. If this level holds, the next target is 457.55 as a strong support. Continued bullish momentum could bring the price up to 458.83. Should the auction remain strong today, we might see a move towards 460.55. Our top bullish target for the Q's today is 462.14.

Conversely, if the auction struggles to hold above 456.23 during regular trading hours, we expect the bears to take control and push the price down to 455.29. Further weakness could see a test of 454.10. Persistent selling pressure might drive the price down to 452.98. If this level breaks, our lowest bearish target for the day is 452.14.

Apple Inc.

Apple AAPL is currently trading near our identified level of 194.83. For a bullish perspective, we want this level to hold as support. If buyers maintain control, we expect a move up to 195.25. Sustained bullish momentum could push the price further to 195.67. Should the bulls dominate the market today, our top bullish target for Apple is 196.01.

On the bearish front, if 194.83 fails to hold during regular trading hours, we anticipate a test of 194.40. Continued selling pressure might drive the price down to 193.95. If the downward trend persists, we could see a move to 193.18. Should this level break, our lowest bearish target for Apple today is 192.76.

Microsoft Corp.

Microsoft MSFT is currently trading around the key level of 417.25. For a bullish outlook, we need to see the price hold above 417.25 and rally to 419.17, establishing it as support during regular trading hours. If this level holds, we expect a move up to 420.26. Continued buying pressure could push the price to our top bullish target for Microsoft at 421.62.

For a bearish scenario, if 417.25 fails to hold, we anticipate the bears to test 416.32 to the downside. Should this level break, the next target is 414.56. Persistent selling pressure might push the price lower to 413.14. Our lowest bearish target for Microsoft today is 411.72.

NVIDIA Corporation

NVIDIA NVDA is currently trading around our key level of 1,178.60. For a bullish perspective, we want to see a move up to 1,194.44, reclaiming this level as a strong support. If buyers maintain control, we could see a push to 1,202.78. Continued buying momentum might drive the price up to 1,219.70. Our top bullish target for NVIDIA today is 1,234.19.

On the bearish side, if 1,178.60 fails to hold as support, we anticipate a test of 1,166.09. Should this level break, the next target is 1,158.33. Persistent selling pressure might drive the price down to 1,151.55. If this level breaks, our lowest bearish target for NVIDIA today is 1,142.92.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around the key level of 174.01. For a bullish scenario, we want this level to hold as support and see a move up to 175.12. Continued bullish momentum might push the price to our high bull target of 176.23.

Conversely, if 174.01 fails to hold as support during regular trading hours, we anticipate a move down to 172.28 by the bears. If this level breaks, the next target is 171.14. Persistent selling pressure could drive the price down to our lowest bearish target for Alphabet at 169.34.

Meta Platforms Inc

Meta META is currently trading around the key level of 477.50. For a bullish outlook, we want this level to hold as support and see a move up to 479.47. Sustained bullish momentum might push the price further to 480.96. If the buying pressure continues, our top bullish target for Meta today is 483.11.

On the bearish side, if 477.50 fails to hold as support during regular trading hours, we anticipate a move down to 475.19. Further selling pressure could drive the price lower to 473.93. If this level breaks, our lowest bearish target for Meta today is 472.19.

Tesla Inc.

Tesla TSLA is currently trading around the key level of 176.34. For a bullish scenario, we want to see a move up to 179.79. Continued buying pressure might push the price further to 182.53. If the bullish rally continues, we could see Tesla testing higher at 184.10. Our top bullish target for Tesla today is 186.10.

For a bearish outlook, if 176.34 fails to hold as support, we anticipate a test of 172.61. Continued selling pressure could drive the price down to 169.70. If this level breaks, our lowest bearish target for Tesla today is 166.89.

Final Word: Today's session is marked by several significant economic releases that are likely to impact market volatility. First, we have the ADP Non-Farm Employment Change numbers for May, scheduled for 8:15 AM ET. This report provides insights into private sector employment trends and can set the tone for the day’s trading. Following this, at 9:45 AM ET, 15 minutes after the New York market opens, we will receive the Bank of Canada's interest rate decision. This decision can have wide-ranging effects, not just on Canadian markets but also on global risk sentiment, influencing equities, commodities, and forex markets.

Concurrently at 9:45 AM ET, we will also see the release of the May Final S&P Global Services PMI. This index measures the activity level of purchasing managers in the services sector, providing a key indicator of economic health. A strong reading could bolster confidence in economic recovery, while a weak reading might raise concerns about slowing growth.

At 10 AM ET, the ISM Services Index will be published, including detailed components such as Prices Paid, Employment, and New Orders for May. This comprehensive report will offer a deeper look into the services sector, which constitutes a substantial part of the economy. Each component can provide different insights: Prices Paid can indicate inflationary pressures, Employment reflects labor market conditions, and New Orders can signal future demand.

Given the potential for increased volatility around these releases, it is crucial to trade with discipline. Keep a close eye on volume trends as they can indicate the strength of price movements and help in making informed trading decisions. Be prepared for rapid price fluctuations and adjust your strategies accordingly. Stay alert, manage your risk effectively, and good luck with your trading 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.

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 gain early access to the Morning Memo, just like this one, every single day—hours before it's published. You will also have access to a live stream with zero latency and screen sharing, enabling you to witness Rips executing his trades in real-time and sharing his exclusive trading plans, strategies, and live decision-making.

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. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: https://www.youtube.com/@MarketClubhouse.

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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