How To Trade SPY, Top Tech Stocks As Focus Turns To May New Home Sales

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 actively trading around our key pivot at 607.55. Bulls should look for initial momentum above 608.35. Sustained strength beyond this zone would target a move towards 609.33, and if this level solidifies during the session, a further push upwards to 610.63 becomes likely. Our optimistic bull scenario has SPY reaching as high as 611.39. 

If 607.55 falters and selling pressure emerges, bears will aim first at the critical test at 606.34. Failure to hold here would encourage further downside exploration towards 605.41. Intensified bearish momentum might press prices lower to significant support at 604.45, and under severe selling conditions, SPY could target the lower boundary at 603.38.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is hovering near our important pivot at 540.60. Bulls aim for a decisive push above 542.31, reinforcing it as a stable floor. Holding firmly here would encourage further bullish activity targeting 543.58. Continued upward momentum could propel price action to 545.14, and strong auction conditions might enable a reach towards our bullish peak target of 550.60. 

Conversely, if QQQ struggles below the pivotal 540.60, bears will swiftly move to test downside strength at 539.02. Persistent selling here would lead bears to target the next key support at 538.06. A breach here invites deeper downside risk, bringing 536.95 into focus, and sustained weakness could push towards the daily bear target of 535.30.

Apple Inc. (AAPL)

Apple is presently negotiating our significant level at 200.53. Bullish sentiment would benefit from buyers establishing clear support here, opening a path upwards to 202.29. Continued buying pressure could lift prices towards 203.48, and sustained bullish dominance throughout today’s session sets a high target of 204.33. 

However, if Apple loses grip on 200.53, sellers will challenge lower supports starting at 199.51. Continued bearish activity would aim for further downside at 198.79, with persistent selling potentially testing deeper support at 198.22. An aggressive bearish session could drive Apple towards our downside target of 197.69.

Microsoft Corp. (MSFT)

Microsoft is currently trading near our pivotal zone at 491.33. Bulls seek firm control above this price, enabling an advance towards 493.62 and solidifying it as intraday support. Sustained bullish pressure could propel the market towards 495.11, and continuous upside momentum would target today’s optimistic bullish mark at 496.90. 

Conversely, if Microsoft fails to stabilize above 491.33, bears will promptly target downside support at 489.88. A breakdown here would open further bearish opportunities toward 488.74. Continuous selling could see prices pressured lower towards 487.59, with heightened bearish activity potentially reaching today’s bearish boundary at 486.72.

NVIDIA Corporation (NVDA)

NVIDIA currently trades near the critical area of 148.52. Bullish conviction aims to push price above 150.32, establishing firm support there. Continued buying could propel the auction upward towards 151.99, with ongoing positive momentum potentially driving NVIDIA higher to 153.23. Our optimistic bullish projection sets a peak target at 154.64. 

If NVIDIA fails to maintain stability above 148.52, bears will promptly test downward strength at 147.06. A breach here could lead to additional weakness down to 145.61, with intensified selling pressure challenging support around 144.21. A severe bearish environment today might push prices to our lower bear target at 143.41.

Alphabet Inc Class A (GOOGL)

Alphabet is actively trading around the crucial pivot of 167.04. For the bullish outlook, buyers must strongly defend this level and initiate a rise toward 169.34. Continuous bullish action could see prices ascend further, potentially reaching our optimistic bullish scenario target at 171.14. 

Conversely, failure to hold 167.04 would see bears aiming at the immediate downside support of 165.41. Should sellers dominate further, the market could push lower towards 163.79. A heavily bearish environment might drag Alphabet down to the day’s lowest target at 161.79.

Meta Platforms Inc (META)

Meta currently negotiates around our significant pivot at 714.27. Bulls will seek robust trading above 716.39, turning it into solid support and enabling a push towards 717.87. Sustained buying enthusiasm would then target a higher level at 720.11, with strong bullish sentiment potentially carrying Meta to today’s optimistic upside target of 721.50. 

Should Meta falter at holding 714.27, bears will swiftly capitalize, driving price downward to 712.14 initially. Continued selling momentum would aim to test lower at 708.06. If bears maintain control aggressively, the price could test our daily bearish target of 704.07.

Tesla Inc. (TSLA)

Tesla is currently oscillating near our pivotal price of 340.97. For a bullish progression, traders aim to firmly push above 346.64. Sustained positive momentum could elevate Tesla towards 350.87. If broader market conditions are favorable, higher trading levels at 356.80 become feasible, with our ambitious bullish target positioned at 363.84. 

However, if Tesla loses ground below 340.97, bears will likely drive prices swiftly downward toward 333.93. Continued bearish activity could push the auction lower to 327.59, and persistent selling momentum might expose deeper downside potential, targeting today’s bearish floor at 322.52.

Final Word: Today brings crucial economic data starting with May’s New Home Sales at 10 AM ET, followed by the Treasury’s 2-Year Floating Rate Note auction at 11:30 AM ET and the 5-Year Note auction at 1 PM ET. Jerome Powell returns to Capitol Hill at 10 AM ET, testifying before the Senate Banking Committee. While his initial remarks are unchanged from yesterday, market sensitivity will heighten during the interactive Q&A session. Expect volatility, especially around Powell's commentary, as traders interpret his responses for monetary policy clues. Keep risk management strict and trade with clarity today.

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