How To Trade SPY, Top Tech Stocks As Core Inflation Edges Up Above Expectations

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 our critical area of 613.46. For bullish continuation, we’d like to see buyers swiftly take the auction upwards toward 614.75. If momentum sustains above this level, watch for price stability at our key area of 615.74. Holding firm at this zone during normal market conditions could propel SPY upward, targeting 616.31 next. Our upper bullish target for today’s session stands confidently at 617.21. 

On the flip side, should 613.46 break down under selling pressure, bears are likely to press lower, initially challenging 612.68. Further bearish activity could send price down to test the robustness of 611.39. Continued heavy selling will expose 610.63, a significant defensive point. If the market turns notably bearish today, we anticipate an extended downward move toward our lower bear objective at 609.33.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is presently trading close to our pivotal mark of 547.65. Bulls need to firmly secure this level and establish buying interest to advance toward 549.59. Confirmation of strength here could propel the auction higher, testing 550.60. A robust bullish scenario could open the gates to further upside, bringing 553.46 into focus. Our primary bullish objective for QQQ today is at 555.21. 

Conversely, if buying stalls around 547.65, bearish momentum may swiftly return, targeting an aggressive push down to 545.14. A continued sell-off could force prices further down to assess strength at 543.22. Persistent bearishness would likely bring about a decisive test of 542.31. Losing this crucial level decisively would see QQQ vulnerable toward our lower bear target at 540.60.

Apple Inc. (AAPL)

Apple shares are currently positioned near our central point of 202.29. Bulls must maintain strong support at this level, looking for momentum to lift prices toward 203.48 initially. Persistent bullishness would likely extend gains to 204.33. A decisive upward thrust could propel Apple towards today’s bullish ambition at 205.54. 

Should selling pressure intensify and Apple fail to defend 202.29 during active trading, bears could target a downward test at 201.29. A sustained bearish auction may see sellers pushing prices down further to 200.53. Continuation of the negative sentiment could expose 199.51. If bearish momentum escalates, Apple’s price could ultimately move toward our lower bearish objective at 198.79.

Microsoft Corp. (MSFT)

Microsoft is presently auctioning around our critical pivot of 496.90. Bulls will need to hold strong above 498.27 to confidently lift the market toward a pivotal test of 499.79. Solidifying support at this key level during regular market hours could ignite an upward momentum toward 501.34. Sustained bullish activity may carry price action to our high bullish destination at 504.11 today. 

If Microsoft loses strength and falls below 496.90, bears are anticipated to push prices lower towards an initial support test at 495.11. Should bearish momentum intensify, the market might test lower ground at 493.62. Persistent selling could send prices down to 491.33, and continued downward force could ultimately lead Microsoft towards our lowest bearish target at 489.88.

NVIDIA Corporation (NVDA)

NVIDIA is currently auctioning near our essential zone of 156.49. For bullish continuation, bulls need to decisively take the auction upward to test and establish support at 158.34. Positive momentum could further propel the price action toward 160.64. If buying strength persists throughout today’s session, expect a potential move upward toward 162.15. Our ambitious bullish target for NVIDIA today is 164.35. 

On the downside, if NVIDIA struggles to hold the support at 156.49, bears are likely to aggressively probe lower levels at 154.64. Persistent bearish strength could lead sellers to push prices even lower towards 153.23. Further weakening would prompt a test of 151.99. Continued bearish pressure may ultimately see NVIDIA reaching down to our lower bear target at 150.32.

Alphabet Inc Class A (GOOGL)

Alphabet shares are currently trading around our critical price level of 174.01. Bulls need to maintain this price as firm support, setting the stage for a push higher toward 175.12. If bullish energy is sustained, Alphabet could continue rallying to our primary upside target at 176.23 today. 

If buyers falter and 174.01 fails as support during today’s trading session, bears will likely step in decisively to probe downward at 172.28. Further bearish momentum may bring the price action to test the critical support at 171.14. An intensified sell-off scenario could drive Alphabet lower toward today’s bear target at 169.34.

Meta Platforms Inc (META)

Meta is currently auctioning around our pivotal level at 729.50. Bulls should secure strong support here to lift the price action confidently towards the immediate upside target at 733.41. Sustained bullish momentum could then carry the auction higher, bringing 736.12 into play. Extended bullish buying today might push Meta toward our ambitious bullish target at 738.07. 

Should Meta fail to maintain the 729.50 support during regular market hours, bears could aggressively target downside pressure initially at 727.04. Continued selling activity may lead to a deeper retracement toward 725.04. A decisive breakdown at this level could set the stage for an intensified bear move towards our lower bear target today at 722.94.

Tesla Inc. (TSLA)

Tesla shares are currently trading around our crucial price point of 327.59. Bullish traders need to push the auction firmly higher toward 333.93 initially. Strong buying activity could propel price significantly upward toward the critical price level of 340.97. Continued bullish activity today might result in testing even higher at 346.64. Strong positive momentum would see Tesla reach towards our ultimate bullish objective today at 350.87. 

On the downside, failure to maintain the critical support of 327.59 could trigger bearish action, sending prices swiftly lower to initially test 322.52. Persistent selling pressure would further challenge lower at 315.93. A clear breach of this crucial support could bring about a bearish scenario targeting today’s low bear level at 312.42.

Final Word: Today’s session opens with key economic data, including the release of May’s PCE Price Index, alongside Personal Income and Spending figures, all scheduled at 8:30 AM ET. Concurrently, Canada’s April GDP data will also be released, providing additional macroeconomic insight. At 10:00 AM ET, traders will receive the Final University of Michigan Sentiment figures for June, along with critical updates to the 1 Year and the 5-10 Year Inflation Outlook. At 11:00 AM ET, attention will shift to the Kansas City Fed Services Activity report, potentially influencing sector-specific sentiment. 

Additionally, market participants should closely monitor scheduled remarks from Federal Reserve officials Hammack and Cook at 9:15 AM ET, as their commentary could inject volatility into trading, especially given recent market strength at record-high price levels. Expect an active trading environment, maintain risk management practices, and prioritize capital preservation heading into the weekend. Good luck and trade safely!

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.