Market Clubhouse Morning Memo - June 12th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META And TSLA)

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

The SPY SPY is presently trading near 537.20. For the bulls to maintain control, a move above 540.07 is essential.  If this resistance level is convincingly surpassed, we anticipate a potential rally to 542.93.  Should 542.93 prove to be reliable support, a further upward movement towards 545.24 could be in store.  The optimistic target for SPY today is 547.56.

Should 537.20 fail to hold, bearish sentiment may prevail, potentially leading to a test of 535.43. Increased selling pressure could push the price down to 532.56, and a breach of this level might expose the stronger support at 530.77. In the event of a significant market downturn, the pessimistic target for SPY today is 525.26.

Invesco QQQ Trust Series 1

The QQQs QQQ are currently trading around 467.60. Bulls are hoping to see buying interest above 469.27. If this level acts as a floor, it could pave the way for a move to 471.33, potentially establishing a strong support zone.  Sustained upward momentum might then target 474.66. A particularly strong session could even test the 476.85 level.  The most optimistic scenario for QQQs today is a rise to 479.03.

However, if the price struggles to stay above 467.60, bears may seize control, pushing the price down to 465.93.  Further weakness could test 463.56, and sustained selling pressure might target 460.55. Should this support level fail, the pessimistic target for QQQs today is 457.55.

Apple Inc.

Apple AAPL is currently trading around 205.54. Bulls are eager to see this level act as a solid base, with potential for the price to ascend to 207.18. Should bullish momentum continue, 207.93 could be the next target.  A strong showing by the bulls today could propel the price towards the optimistic target of 209.81.

Conversely, if 205.54 fails to hold, a test of 204.33 is likely. Further selling pressure could push the price down to 202.29, and sustained bearish sentiment might target 199.51.  A breach of this level could trigger a move towards the pessimistic target of 198.22.

Microsoft Corp.

Microsoft MSFT is presently trading near 434.49. Bulls are aiming for a strong hold above 435.79, followed by a rally to 437.10. If this level acts as reliable support, further upward movement towards 438.72 is possible. Continued buying interest could push the price to the optimistic target of 441.34.

Should 434.49 give way, bears may target 432.49. A break below this level could expose 430.25 to a test. Continued downward pressure might then aim for 428.48. In the event of a significant sell-off, the pessimistic target for Microsoft today is 426.00.

NVIDIA Corporation

NVIDIA NVDA is currently trading around 120.27. Bulls are hoping to see a surge towards 121.97, with this level acting as a clear support zone. Further upward movement could then target 123.41, and sustained buying interest might push the price towards 125.21. The optimistic target for NVIDIA today is 126.84.

If 120.27 fails to hold, bears might test 119.44. Should selling pressure persist, the price could drop to 117.86, and a weaker session could lead to a test of 116.60. In a more bearish scenario, the pessimistic target for NVIDIA today is 115.83.

Alphabet Inc Class A

Alphabet GOOGL is currently trading near 177.28. Bulls are hoping for this level to act as support, allowing for a move towards 179.15. Strong bullish momentum could propel the price to the optimistic target of 180.46.

However, if 177.28 fails to hold, bearish pressure might push the price down to 176.23.  Continued selling could target 174.01, and a significant downturn could see the price reach the pessimistic target of 172.28.

Meta Platforms Inc

Meta META is presently trading around 508.25. Bulls are looking for a strong hold above this level, potentially sparking a rally towards 512.85. A strong buying surge could target 515.39, and continued bullish momentum might push the price to the optimistic target of 520.27.

Should 508.25 give way, bears might target 504.54. Further selling pressure could push the price down to 500.83, and a break below this level could expose the pessimistic target of 498.03.

Tesla Inc.

Tesla TSLA is currently trading around 169.70. Bulls are aiming for an upward movement to 172.61, and continued buying pressure could target 176.34. A broader market rally might push Tesla towards 179.79. Strong buying activity could propel the price to the optimistic target of 182.53.

If 169.70 fails to hold, bears might test 166.89. Further selling pressure could bring 164.87 into play, and sustained bearish sentiment might target the pessimistic target of 162.32.

Final Word: Today's trading session will be shaped by a confluence of significant events, creating an environment ripe for volatility. The early release of May's CPI data, due out at 8:30AM ET, will provide the first glimpse into the state of inflation, a key concern for the Federal Reserve. This data will be scrutinized for signs of cooling inflation or persistent price pressures, both of which could significantly impact market sentiment.

The main event, however, is the FOMC Interest Rate Decision at 2PM ET. While a rate hold is almost certain, the real focus will be on the Fed's Summary of Economic Projections (SEP), often referred to as the "dot plot." This will offer insights into the committee's expectations for future interest rate changes and provide valuable clues about the path of monetary policy in the coming months.

Following the rate decision, Fed Chair Jerome Powell's press conference, scheduled for 2:30PM ET, will be crucial for interpreting the Fed's actions and gauging their stance on key issues such as inflation, employment, and economic growth. His comments could significantly influence market expectations and trigger substantial price movements.

Given the potential for market-moving events and heightened volatility, traders are advised to proceed with caution. A prudent approach involves maintaining discipline, adhering to risk management strategies, and staying informed about the latest developments.  Remember, today's market offers both opportunities and risks, and a well-prepared trader is best positioned to navigate the challenges and capitalize on the potential rewards. Good luck and keep your head on a swivel!

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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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.