How To Trade SPY And Top Tech Stocks After a Softer Inflation Print

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 trading near the 587.31 zone. If buyers can gain traction above this level, we'll be watching for a quick move toward 589.71. A sustained hold above 589.71 could open the door for a continued move higher into 592.00. Should that level find buyers, we'd anticipate upward continuation targeting 593.73. If bullish momentum persists throughout the session, the final upside target for the day sits at 595.14. 

Should SPY struggle to maintain 587.31 as support, the next area to watch on the downside is 585.75. If this level is breached, expect sellers to try to press the auction lower into 584.68. A breakdown through that level with strong downside momentum could drag price down to 583.18. If the market turns particularly heavy, the lowest downside level we’re monitoring today is 581.97.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is holding near the 515.00 level as the session begins. Bulls need to step in here to defend this spot, and if successful, we're looking for a move toward 516.58. Continued strength could carry the auction through to 517.97. Should buyers remain in charge, a break toward 518.65 is on the table. The highest upside marker we’re tracking today is 519.87. 

If 515.00 fails to hold as support, we're watching for sellers to push the price down toward 513.64. If the downside intensifies, further targets include 511.53, with a heavier liquidation possibly taking the Q's into 509.87. If sellers remain in control deep into the session, the final downside target for the day is 508.22.

Apple Inc. (AAPL)

Apple is currently rotating around 212.44. For bullish momentum to continue, this level needs to act as a base for a push into 214.07. If that level clears with strength, 215.25 is the next objective. With continued interest from buyers, the market could drive toward 216.70, which is our high bull target on the day. 

Should 212.44 break down early in the session, the first downside area of interest is 211.12. If that fails to catch a bid, we anticipate bears pressing the action toward 209.81. Continued weakness could take Apple into 208.81, and if that can't hold, our lowest support level for the day is down at 207.93.

Microsoft Corp. MSFT

Microsoft is hovering near 446.33 as the day gets started. If bulls can defend this area and push the price higher, look for a test of 448.18. Holding above that zone could ignite further upside momentum toward 450.26. Should that level be converted into solid support, the high-side target for the session is 453.02. 

If 446.33 does not hold during regular hours, expect bears to push the price into 444.95. If continued weakness follows, 442.95 is the next support area on watch. Should that give way, 441.34 is the next key level, with the low bear target sitting all the way down at 438.72.

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NVIDIA Corporation (NVDA)

NVIDIA is hovering around 132.19 to start the session. If bulls can reclaim control, look for a move into 133.31. If this level sees strong participation from buyers, the next target to the upside is 134.56. With momentum, bulls could look to extend the auction up into 135.64, with 136.98 as the upside cap for today. 

If 132.19 gives way to downside pressure, 131.42 becomes the next support to monitor. Should sellers push further, the auction could fall into 129.53. If downward momentum continues to build, we're watching 128.10, with a potential extension into the low bear target of 126.84.

Alphabet Inc Class A (GOOGL)

GOOGL is trading near 160.36. If bulls can stabilize the tape here, a move toward 161.79 is likely. Should that area be claimed and defended, there is potential for an advance into the high bull target of 163.79 before the close. 

If price fails to hold above 160.36, the next level lower is 158.54. If that support doesn't hold up, expect bears to push toward 157.41. On continued weakness and heavy volume, the final downside target of interest is 156.61.

Meta Platforms Inc ( META)

Meta is positioned around 655.54 as the session begins. Bulls need to hold this level and push toward 658.86 for confirmation of strength. If that level is surpassed, 663.33 is the next major upside level. Continued buying pressure could push price action up to the high bull target of 667.99. 

If Meta slips below 655.54, look for bears to attempt to break price down into 650.56. Should the selling persist, expect further movement toward 646.48. If this weakness continues into the session, a final flush to 642.59 is on the radar.

Tesla Inc. (TSLA)

Tesla is floating around the key 340.97 area. If bulls are able to step in and push price upward, we could see a move to 346.64. Sustained upside momentum would bring 350.87 into play. If the broader market supports it, Tesla could climb to 356.80, with the high bull target at 363.84 in play. 

On the flip side, if 340.97 cannot support price action, Tesla could slide to 333.93. Should sellers stay in control, the next level lower is 327.59. If that fails, the final bear target for today is 322.52.

Final Word: 

With no major data prints scheduled today, the market will likely take cues from Fed speak and headline-driven momentum. Jefferson's remarks at 9:10AM ET could provide subtle policy clues, but the bigger context remains yesterday's softer-than-expected CPI data. Traders may continue to weigh the implications of that inflation report on interest rate expectations and broader risk appetite. 

In the absence of fresh economic catalysts, price action may be more technically driven. Be vigilant for sudden moves on news drops or large block prints. Maintain strong discipline, size accordingly, and don't force trades. Good luck out there.

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.