How To Trade SPY, Top Tech Stocks Using Technical Analysis

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 around the critical level at 592.00. Bulls should ideally push prices upward toward 593.73 initially. If buyers can firmly establish control above this zone, we anticipate a move up to the next important area of 595.14. A sustained buying presence above this mark during the regular session could further propel the auction toward 596.57. Continued bullish momentum places our upper bullish target at 598.04 for today. 

Should sellers dominate and SPY fail to sustain 592.00, we expect downward pressure to initially target 589.71. Persistent selling at that point could bring further decline to the next support at 587.31. If bears break decisively through this support, look for more aggressive selling toward 585.75. Our bearish target, in the event of significant selling pressure today, stands at 584.68.

Invesco QQQ Trust Series 1 (QQQ)

The Q’s are currently positioned near the critical pivot of 522.57. Bulls will need to maintain this price level firmly to fuel a bullish momentum towards 523.91, turning it into reliable support. Should buyers sustain their strength here, we anticipate an advance to 525.19. Further upward conviction today would open a likely test of 527.03, with our top bullish objective for the session at 528.44. 

Conversely, if 522.57 proves vulnerable and sellers regain control, anticipate a decline to the downside toward 521.15. Continued selling would prompt further downward pressure targeting 519.87. Should bearish intensity persist, we expect a deeper test at 518.65, and ultimately, a potential extension toward our bearish objective at 517.97.

Apple Inc. (AAPL)

Apple is currently hovering near our key level at 202.29. Bulls aim to confidently reclaim and hold 203.48 as immediate support, triggering an upward push toward 204.33. Sustained bullish control beyond this point would further elevate the auction toward 205.54. Strong bullish momentum today could see Apple testing our primary bullish target at 206.55. 

If 202.29 fails to hold under selling pressure, expect an initial bearish drive toward 200.53. Ongoing weakness may result in a deeper slide to 199.51. Intensified selling would then challenge support at 198.79, and if broken decisively, Apple could approach our bearish objective today at 198.22.

Microsoft Corp. (MSFT)

Microsoft is trading around our strategic level at 462.07. For a bullish outlook, we seek a firm hold above 463.27, prompting upward momentum to target 464.70 as stable support during market hours. Consistent buying strength above this point would likely trigger a rally toward 466.44, with further bullish continuation setting our day’s primary bullish target at 467.65. 

Should 462.07 fail to withstand bearish pressure, we anticipate an initial push downward toward 460.78. Breaking below this point would likely prompt further selling to test 459.18. Increased bearish momentum would bring a deeper correction targeting 457.25. Under significant selling pressure today, Microsoft’s bearish target rests at 455.77.

NVIDIA Corporation ( NVDA)

NVIDIA is currently auctioning near our pivotal level at 137.94. For a bullish scenario, the auction needs to reclaim and solidify 138.55 as support, which would then pave the way for upward movement toward 139.42. Persistent bullish buying activity could further elevate price action towards 140.28, ultimately driving towards our day’s bullish target of 141.21. 

Conversely, if sellers take control and NVIDIA fails to defend 137.94, anticipate initial bearish movement targeting 136.98. If selling escalates, the next support at 135.64 will come into play. Further weakness could see prices slipping toward 134.56, and a break below this support may trigger a drop to today’s bearish target at 133.31.

Alphabet Inc Class A (GOOGL)

Alphabet is trading near our significant level at 169.34. Bulls aim to reclaim and hold 171.14 as immediate support, driving prices upward towards 172.28. Sustained buying interest could further elevate the auction, aiming at today’s top bullish target at 174.01. 

Should selling pressure undermine 169.34, anticipate a bearish drive toward 167.04. Continued bearish momentum would target the next lower support at 165.41. Heavy selling activity below this level could extend the bearish scenario down toward today’s bearish target at 163.79.

Meta Platforms Inc META

Meta is currently trading near our pivotal level at 671.80. Bulls will want to maintain strength above this level and firmly hold it as support, setting the stage for a rise toward 676.46. Continued bullish momentum could push prices upward to 679.79, with a strong rally targeting our day’s bullish high of 683.97. 

If Meta cannot hold 671.80, anticipate bearish pressure to initially push prices downward toward 667.99. Continued selling strength could test lower support levels around 663.33. Intensified bearish pressure would target deeper declines toward today’s bearish low at 658.86.

Tesla Inc. (TSLA)

Tesla is currently positioned around our essential pivot at 340.97. Bulls aim to propel prices upward initially toward 346.64. Continued buying activity could lead to a significant push higher towards 350.87. If market conditions broadly favor buyers today, expect Tesla to rally even further towards 356.80, with bullish sentiment potentially reaching our day’s top bullish target of 363.84. 

If sellers regain dominance and Tesla breaks below 340.97, anticipate an initial bearish test toward 333.93. Ongoing selling pressure could expose further downside towards 327.59. Decisive bearish action below this level would bring prices toward today’s bearish target at 322.52.

Final Word: 

Today’s economic calendar features several critical data points starting at 10AM ET, including the Factory Orders, Durable Goods Orders, and Capital Goods Orders for April, released simultaneously with the highly influential JOLTS Job Openings, Quits, and Layoffs report. Additionally, we’ll get insights from the June TIPP Economic Optimism Index at the same time. 

Later, market attention will shift to the Fed Discount Rate Minutes due at 2PM ET, offering insights into potential monetary policy adjustments. Fed officials Goolsbee and Logan are scheduled to speak at 12:45PM ET and 3:30PM ET respectively, potentially adding further volatility. Given the magnitude and potential impact of today’s economic announcements, traders should prepare for elevated market volatility and remain vigilant in managing risk. Trade carefully, and 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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