Good Morning Traders! In today’s Market Clubhouse Morning Memo, we will discuss SPY, TSLA, AAPL, NVDA, MSFT, GOOGL, AMZN, and COIN.
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.
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 (NYSEARCA: SPY), a prominent ETF tracking the S&P 500, is currently hovering around the crucial mark of 428.62. For the bullish scenario, we aim to see 428.62 established and maintained as a support level. Our bullish targets for SPY today are 429.28 and 430.05. Should we break 430.05 with strong upward momentum, our ultimate bull target is 431.04.
If 428.62 becomes a point of intense resistance during today’s session, we anticipate the bears to drive the price down to 427.71. Further bearish targets are 427.08 and 426.37. If a major selling wave emerges in the session, our further bear target rests at 425.75.
Tesla (NASDAQ: TSLA), the renowned EV manufacturer, had a remarkable session during regular trading hours on Tuesday and an even more stunning rally during extended trading hours late Tuesday and early Wednesday. It currently sits at our key level of 227.58. If Tesla establishes this level as a robust support area, we anticipate the bulls to push Tesla towards our bull targets of 230.65 and 233.49.
However, if the 227.58 mark fails to be held as a solid support level and acts as a resistance point today, we foresee the bear target of 223.86. If a substantial sell-off occurs, the price could potentially drop to 222.19 and even 220.52.
Apple (NASDAQ: AAPL) is presently fluctuating within our defined channel of 178.61 and 179.36. We are eager to see Apple make a distinct move out of this channel and, as it carries the largest weight in the S&P index, we expect it to dictate the broader market’s direction today.
If a clear breakout above 179.36 occurs, we aim for 180.60 on the bullish side. Conversely, if Apple demonstrates weakness and slips below 178.61, we expect the bears to find support around 177.31.
NVIDIA (NASDAQ: NVDA), the global tech giant, experienced some selling pressure during Tuesday’s early regular trading hours, but a small rally later in the afternoon provided some comfort for the bulls. We currently find it within our channel of 387.85 and 390.33.
For the bulls, we’re aiming to see a solid reclaim of 390.33, with two bull targets of 392.27 and 394.89. Conversely, if 387.85 starts to weaken, we expect the 384.49 level to be tested as a new lower support.
Microsoft (NASDAQ: MSFT), a tech titan, offered some respite to the bears with a sell-off yesterday. It is currently aiming to recover 333.46 as a critical support level. If this level continues to resist in the early session, our bearish target is 331.24.
However, if buying strength emerges today and 333.46 is recovered, we have a bullish target of 335.96. Alphabet Inc Class A (NASDAQ: GOOGL) Alphabet Inc. the tech conglomerate is positioning well after trading according to our plan from yesterday’s Morning Memo. It is currently fluctuating within the range of 126.96 and 127.71. We hope to see the 127.71 level retested as a support, which it failed to hold during yesterday’s trading. If it is indeed established as a demand area, our bullish target is 128.91.
If sellers gain control over Google’s trade today and 126.96 collapses, bears will aim for a downside target of 126.01.
Amazon (NASDAQ: AMZN), a global technology behemoth with diverse interests, is currently maintaining our critical support level at 126.46. If this level falls, our bearish target is 123.77. Conversely, if Amazon firmly holds 126.46, our modest bullish target is 129.23.
Coinbase Global, Inc.
Coinbase Global, Inc. (NASDAQ: COIN), an American publicly traded company that operates a cryptocurrency exchange platform, experienced a significant surge in yesterday’s session, hitting our primary targets mentioned in yesterday’s Morning Memo. It’s currently trading between the range of 51.87 and 53.70 in the premarket session. If we see robust buying action and 53.70 is breached, we could test 56.49 as a high bull target.
If Coinbase faces resistance and fails at the 53.70 level, our bearish target is 49.73, with a more severe sell-off potentially bringing it down to 47.76.
Final Word: Today’s session is again light on news and data releases. The Federal Reserve is in a blackout period until their FOMC meeting, which is just a week away. We’ll stay alert for any breaking news to guide our trading decisions based on the price action today. Good luck and trade carefully!
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 7th, 2023 (Trade Strategy For SPY, TSLA, AAPL, NVDA, MSFT, GOOGL, AMZN, and COIN) originally appeared on Benzinga.com.