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 trading near our pivot at 593.73. Bulls want immediate upside pressure above 595.14, maintaining that level as firm support. Should buyers show strength, the next move targets 596.57. With solid demand, expect further upside testing 598.04 and potentially our ultimate bullish objective today at 599.24. 

If bulls falter at 593.73, bears will aim lower towards 592.00. Strong selling at this juncture brings 589.71 into focus. A breakdown below here with sustained pressure likely drags price to 587.31. In an aggressive bearish scenario, anticipate price action moving down to our lowest bearish level today at 585.75.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently positioned at our crucial reference point of 525.19. Bulls seek firm buying above 527.03, establishing that as sturdy support. Further bullish action elevates price toward 528.44. Should buyers persist, expect continuation higher to 530.70. A vigorous upward push can extend price toward 532.52, ultimately reaching today’s bullish target at 533.70. 

If price fails to sustain above 525.19, look for bears to seize control, initially testing 523.91. Weaker price action here will target a decline toward 522.57. If selling intensifies, bears will aim for the deeper support level of 521.15. Should this level collapse under selling pressure, expect a further move downward toward today's bearish target of 519.87.

Apple Inc. (AAPL)

Apple is auctioning near our anchor at 200.53. Bulls must sustain this as solid support, initiating a climb toward 202.29. Continued bullish flows could drive price upwards to 203.48. Sustained buyer engagement throughout the session may propel Apple toward our ultimate bullish price objective at 204.33. 

If the level at 200.53 weakens, expect bears to press downward initially targeting 199.51. A breakdown with continued selling suggests a further move toward 198.79. Additional selling intensity puts pressure on 198.22. Should bears maintain dominance, the auction could continue downward to our bearish target at 197.69.

Microsoft Corp. (MSFT)

Microsoft is trading near our pivotal area of 476.18. Bulls aim to sustain momentum above this level, pushing upward toward 477.66, establishing firm intraday support. Persistent bullish action here would next target the upside level of 478.82. Robust demand could lead Microsoft to our highest bullish target today at 480.04. 

A failure at 476.18 shifts control to bears, targeting the downside level at 474.99 initially. Continued bearish activity would prompt further selling toward 473.80. Should selling intensify, anticipate price dropping toward the deeper support at 472.91. If bearish sentiment dominates today’s session, our ultimate downside target is positioned at 472.11.

NVIDIA Corporation NVDA

NVIDIA is auctioning close to our focal area at 143.41. Bulls seek immediate upward momentum toward 144.21, aiming to firmly establish it as support. Strong buying pressure may drive price upward to 145.61. If buying volume accelerates, expect further upside toward 147.06, potentially reaching today’s bullish goal at 148.52. 

Weakness below 143.41 opens the door for bears targeting the downside at 142.35. Continued selling would next challenge support at 141.21. Further weakening could see the auction descend toward 140.28. Sustained selling pressure may ultimately drive price action toward our lower bearish level today at 139.42.

Alphabet Inc Class A (GOOGL)

Alphabet is trading near our central pivot at 167.04. Bulls require a solid defense of this area to advance upward, initially targeting 169.34. Persistent bullish engagement may elevate price toward today’s highest bullish objective of 171.14. 

If 167.04 fails as support, bears will likely press downward first to 165.41. Further selling pressure opens a pathway to test lower at 163.79. In a scenario of aggressive downside activity, price could reach our bearish target today at 161.79.

Meta Platforms Inc (META)

Meta is hovering around our important level of 683.97. Bulls aim to firmly hold this position and aggressively drive upward toward 689.09. Continued robust demand may further lift the price toward 692.10. Sustained bullish sentiment throughout today’s auction could potentially achieve our ultimate bullish target at 695.62. 

If 683.97 support breaks, expect bears to aggressively target downside movement toward 679.79. Increasing selling pressure would next seek support at 676.46. Should sellers maintain dominance, anticipate continued downward momentum toward our lowest bearish objective today at 671.80.

Tesla Inc. (TSLA)

Tesla is trading near our crucial pivot of 322.52. Bulls must quickly move upward toward 327.59 to establish bullish momentum. Ongoing buying pressure can carry Tesla's price toward the key resistance area at 333.93. A sustained bullish environment might lead to further testing upwards at 340.97, ultimately targeting our peak bullish price today at 346.64. 

Weakness at 322.52 would prompt bears to drive prices lower initially toward 315.93. Continued selling would challenge the next support level at 312.42. A breakdown under persistent bearish pressure would likely move price action down to our lowest bearish target today at 310.17.

Final Word: Today’s market activity begins with significant economic releases, starting with June's preliminary S&P Global Manufacturing PMI at 9:45 AM ET, followed shortly by May's Existing Home Sales data at 10:00 AM ET. Given current geopolitical tensions escalating in the Middle East, heightened volatility across equity markets is expected. This environment may yield sudden intraday swings, thus requiring traders to remain agile, disciplined, and well-prepared. Monitor these events carefully, adjusting risk appropriately. Trade safely, focus on key price levels, and best of luck today!

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.