Good Morning Traders! In today’s Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, TSLA, MSFT, and NVDA.
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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 during our daily Morning Call, prior to the opening of the market.
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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:
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SPDR S&P 500 ETF Trust
Yesterday, SPY (ARCA: SPY) experienced a significant risk-on surge, setting the stage for today’s Quadruple Witching session. Quadruple Witching refers to the simultaneous expiration of stock index futures, stock index options, stock options, and single stock futures on the third Friday of March, June, September, and December. These dates, particularly the last trading hour, often see increased market activity and volatility as traders adjust their expiring positions. Despite the potential turbulence, some investors seize the opportunity to profit from the heightened activity.
At present, SPY maintains its support above the critical level of 441.06. Provided this support continues, we anticipate the 443.42 level to be tested upwards. In case of a further rally during today’s Quad Witching, we are eyeing bullish targets at 445.08 and 446.31.
Should today’s trading session show mixed or weak trends and the 441.06 level is breached downwards, we expect the next support at 439.66. If this level fails to hold, we foresee bearish targets at 438.78, 437.02, and a major sell-off could bring a test of 435.59 as a new lower support.
Invesco QQQ Trust Series 1
Today, the Q’s (NASDAQ: QQQ) are poised for an upward breakout. The crucial level to monitor is 371.96. A strong and rapid break above this level could give bulls the upper hand.
On the upside, we’re looking at bullish targets of 373.82 and 375.18. If 375.18 is surpassed and maintained, our ultimate bullish target is 377.58.
If the market trends downwards, a clear break below 369.39 is what we’re watching for. Under intense selling pressure, we would aim for 366.69 with a final bearish target of 363.23.
Apple Inc.
Yesterday, Apple (NASDAQ: AAPL) displayed significant strength and achieved new all-time highs. We’re currently tracking a potential breakout above 186.52. If this level is overtaken with bullish price movement today, our upward target is 190 and beyond.
Any sign of a slowing rally could lead us to retest 185.53 on the downside. Further bearish activity could prompt a test of 184.96 as support, with an additional bear target at 184.59.
Tesla Inc.
Yesterday, Tesla (NASDAQ: TSLA) staged an impressive recovery rally following Wednesday’s selling session. Our current focus is on the 257.56 level as a potential support. If this level holds, we’re looking at 262.88 as our upward target.
If Tesla struggles to maintain 257.56 as a support, our bearish targets are 254.28 and 252.38. In the event of an intense market-wide sell-off today, we’re watching for a test of 248.37 as a bearish support.
Microsoft Corp.
Microsoft (NASDAQ: MSFT) reached new all-time highs yesterday following an impressive upward rally. We’re currently tracking two crucial support levels: 349.67 and 347.85. Provided these levels hold, we could see Microsoft rally towards 355 and 360.
If, however, the market shows signs of weakness and the 347.86 level fails to hold, we expect bearish targets at 343.68 and 340.36.
NVIDIA Corporation
NVIDIA (NASDAQ: NVDA) keeps hitting new all-time highs. We’re closely monitoring NVIDIA today to see if it can sustain above 434. If it does, we’re eyeing upward targets at 440, 445, and 450, contingent on the flow of options contracts.
If the bullish rally concludes today, we’re anticipating a test of 425.92 as bearish support, with a further target at 421.35.
Final Word: With today being a Quadruple Witching day, proceed with caution. Ensure your trading activities align with your means. Don’t risk a successful week by deviating from your normal trading patterns. Remember, the market is closed on Monday, making today the last trading day until next Tuesday. Wishing you the best of luck in your trading activities 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.
Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will get early access to the Morning Memo just like this one every single day, hours before it goes to publication. 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.
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This article Market Clubhouse Morning Memo – June 16th, 2023 (Trade Strategy For SPY, QQQ, AAPL, TSLA, MSFT, And NVDA) originally appeared on Benzinga.com.