How To Trade SPY And Top Tech Stocks As Jobless Claims Edge Higher

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 ( SPY)

SPY is currently rotating around the 534.17 mark. For bulls to stay in command, a move up to 535.43 would be a positive early sign. If momentum builds and price remains comfortably above this threshold, we anticipate buyers stepping in to lift the market toward 536.31. A solid hold at that zone could spark additional upside toward 538.30. If the rally maintains strength throughout the session, the final upside target we have on deck is 540.07.

On the flip side, if the market fails to hold above 534.17, bears could begin to lean on the auction to take it back toward 532.56. A breakdown through that would shift focus to 530.77, and if sellers get aggressive, they could drive it all the way to 530.09. In the event of sustained sell pressure, the lowest bear target we're tracking today comes in at 528.66.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently stabilizing around the level of 452.98. If the bulls can anchor the price above 454.10, this would open the door for a potential march toward 455.29. Holding that level would suggest control remains with buyers and could encourage a continued climb toward 456.23. If strength persists, we could see a push into 457.55, with 458.83 as the day's higher-end target.

If the session doesn't hold above 452.98, the tape could turn bearish quickly. Sellers may drag it toward 452.14, and a failure there puts 450.98 in the spotlight. Should the weakness continue, pressure could push price action down to 449.36. If this floor fails to support the auction, the final downside line we’re watching for QQQ is 447.73.

Apple Inc. (AAPL)

Apple is currently drifting around 203.48. Buyers will want to see price sustain itself above 204.33 to indicate control. A successful hold would lay the groundwork for a test of 205.54, and if bulls retain momentum, we anticipate a grind upward to 206.55. Should the rally remain strong, Apple could aim for a test of the session's high bull target at 207.18.

Should 203.48 be breached to the downside, attention shifts toward the 202.29 area. Weakness through that opens the door to 200.53. If downside pressure accelerates, 199.51 could come into play. A complete breakdown would place the final low bear target at 198.79 as the key level to watch into the close.

Microsoft Corp. (MSFT)

Microsoft is trading near 373.48. Bulls will want to see that level act as a springboard higher, with 375.11 being the next area to reclaim. If buyers defend that spot effectively, there's a shot at moving into 375.93. Sustained strength on the bid could see the stock drift up to 376.70, which marks our upside objective for the session.

If the 373.48 level gives way to downside pressure, sellers may eye a move into 372.03. Should that crack under bearish momentum, the path may be paved toward 370.10. A deeper flush could expose Microsoft to its lowest bear target of the day, which comes in at 368.79.

NVIDIA Corporation (NVDA)

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NVIDIA is operating around the 102.55 level to begin the day. Bulls are eyeing a breakout above 103.96 to reclaim that as a support base. If they succeed, momentum could build toward 105.23. Continued bullish behavior could then lead to a rise into 106.30. If buyers really push it, we have our top-end target for NVIDIA today at 107.51.

A failure to maintain 102.55 could lead to a retest of 101.02. If that level breaks and offers no resistance to sellers, expect the next stop at 99.87. If heavy sell pressure continues, 99.16 could be targeted before a move down to the final bear target at 98.02.

Alphabet Inc Class A (GOOGL)

Alphabet is currently pivoting around the 154.95 area. For buyers to take charge, holding this level and pushing to 155.41 would be key. A clean break and hold above that area could push the stock toward 155.59, which represents the high-end objective for bulls today.

If the bulls fail to hold 154.95, the bears may try to drive the action down to 153.93. A break there brings 152.94 into view. If the pressure stays on, we may see a further leg down to 151.24, which would represent the low bear target for Alphabet in today's session.

Meta Platforms Inc (META)

Meta is circulating near the level of 515.39. A bounce from this zone could trigger a move up to 520.27, which would be a positive signal for buyers. If the auction can sustain bullish energy, we could see a rally up to 526.29. Continued strength could drive Meta toward the upper bull target of 531.03 for the day.

If 515.39 gets lost early, pressure from the sell-side may drag the price to 512.85. Should that not hold, bears may extend the move down to 508.25. If aggressive sellers remain in charge, the final low target on the day sits at 504.54.

Tesla Inc. (TSLA)

Tesla is currently dancing around the 248.37 mark. A move higher to 250.25 would signal buyer initiative. If the market can climb from there, it could head toward 252.38. With enough bullish follow-through, we expect a move toward 254.28, with 256.34 as the upside extreme target for today.

If the 248.37 area gives way, look for sellers to take price down to 246.16. A breakdown there could bring 243.98 into play. Should pressure escalate, we could see the action descend toward 242.49, with 239.92 as the final low bear target.

Final Word: 

A jam-packed morning of data begins at 8:30AM ET with Jobless Claims and the Chicago Fed National Activity Index, alongside March’s Durable Goods Orders. Existing Home Sales at 10AM ET could offer insight into housing strength, while the Kansas City Fed Manufacturing report at 11AM ET might reveal more about the regional business climate. The 1PM 7-Year Treasury auction is also worth noting as a potential volatility spark.

Given the range of economic inputs across sectors including labor, housing, and manufacturing, today could offer multiple inflection points for price action. Expect increased volatility around each release, and remember that the market may behave erratically before settling into a trend. Stay nimble, trade defensively around news events, and keep a close eye on liquidity shifts throughout the session. Good luck!

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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