How To Trade Nvidia And Other Top Tech Stocks Today Using Technical Analysis

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 presently trading near our important level of 622.00. Bulls are targeting an initial advance to 623.25. If momentum persists above 623.25, we anticipate buyers driving prices toward our next key support at 624.79. Should buyers confidently defend 624.79 throughout regular session trading, look for a continuation upward to 625.65, with our ultimate bullish target for the day sitting at 626.49.

If bulls lose their grip at 622.00, sellers will aim for downside momentum, initially challenging the 620.94 level. Continued bearish pressure will put the 619.65 mark at risk. Breaking this level decisively could see SPY quickly trading down toward the strong support at 617.91. If selling intensifies dramatically, bears might reach our lowest target for the session at 616.36.

Invesco QQQ Trust Series 1 (QQQ)

The QQQ is currently trading near our pivotal level of 555.59. Bulls must firmly establish price action above this mark, subsequently securing 557.52 as reliable intraday support. Persistent bullish sentiment should then encourage further upside momentum, targeting the next resistance at 560.00. If today’s buying is robust, anticipate a stretch toward 563.38, with our top bullish objective for the QQQ standing at 566.68.

Should QQQ fail to hold 555.59 convincingly during market hours, bears will seize control and push downward aggressively, first testing the 553.84 area. If weakness persists, expect a deeper selloff toward 552.70. Continued bearish dominance could trigger further downside pressure toward the support at 550.98. A breach here opens the door to our lowest bearish target of the day at 549.97.

Apple Inc. (AAPL)

Apple is trading near our crucial price level of 209.27. Bulls should aim to maintain this support, driving the stock upward initially toward 210.58. Sustained buying could elevate Apple to the next upside hurdle at 211.90. If bullish participants decisively dominate today’s trading, our high-end bullish target of 213.53 becomes attainable.

If buyers fail to defend the critical level at 209.27, bearish sellers will quickly target 208.27 as their first destination. Continuation of selling momentum would bring Apple down to the next support zone at 207.39. A breakdown of that level might induce additional selling toward 206.64, with further weakness potentially reaching our lower bear target at 206.01.

Microsoft Corp. (MSFT)

Microsoft is currently trading near our highlighted level of 504.90. Bulls will first need to secure the area above 504.60, setting the stage for a move upward toward 506.80, which would then act as an intraday support. Holding firmly above 506.80 would position Microsoft for a bullish run toward 508.67, with sustained buyer participation likely pushing prices to our daily bullish target of 511.11.

If 504.90 is not maintained, expect bears to swiftly challenge the 503.73 mark. Breaking below this support will encourage additional downside pressure, targeting 502.18. Should selling intensify, the next bearish objective becomes 500.66, ultimately opening a path toward our lowest bearish target for the session at 499.29.

NVIDIA Corporation (NVDA)

NVIDIA is currently trading around our critical level of 169.92. Bulls must push the price higher initially to reclaim and firmly establish support at 170.96. Continued upward momentum would then open a pathway to the next resistance point at 172.33. Strong buying throughout the day could drive NVIDIA further upward toward 173.67, with our top bullish target today placed at 175.33.

If NVIDIA cannot hold above 169.92, expect bearish sellers to target a move lower initially toward 167.72. A breakdown here with notable selling volume could rapidly take prices down to 166.21. Further weakening could see bears testing 164.90, and continued downside momentum might ultimately push NVIDIA toward our daily bearish objective at 163.91.

Alphabet Inc Class A (GOOGL)

Alphabet is presently trading close to our significant level of 182.68. Bulls will first aim to firmly secure this area as intraday support, targeting a push higher toward resistance at 183.73. Strong bullish activity might then extend this rally to reach today’s ultimate bullish target of 185.60.

If buyers are unable to protect 182.68, sellers will likely take control and aggressively test support lower at 181.57. If bearish sentiment intensifies, expect the auction to continue downward toward 180.46. Under heavy selling pressure, Alphabet could fall toward our low-end bearish objective of 178.73.

Meta Platforms Inc (META)

Meta is currently trading near our key level of 713.89. Bulls will look to establish firm price strength above 716.60, setting up the opportunity for further advances toward 718.55. Continued bullish conviction should then lift Meta toward the next resistance level at 721.19, with potential for buyers to drive price action toward our bullish target at 723.84.

If Meta fails to maintain support at 713.89, sellers will immediately target a decline to the support level at 709.98. Continued bearish activity would encourage a further drop toward 707.52. Should this area fail to hold, increased selling might accelerate the move down toward our lowest bearish target of the session at 705.52.

Tesla Inc. (TSLA)

Tesla is currently trading around our significant price level of 309.70. Bulls should first target a move upward to 311.98, with continued buying momentum potentially lifting prices to the next resistance at 315.66. If market sentiment is strongly bullish today, Tesla may push higher toward 321.59, with our maximum bullish objective sitting at 323.84.

If the support level at 309.70 is compromised, anticipate sellers moving swiftly to test lower prices around 307.86. Additional bearish pressure would likely bring Tesla down further to 306.02. Failure at this level with intensified selling could prompt further downside to our daily bearish target of 304.63.

Final Word: Today’s economic calendar starts strong with the June PPI report at 8:30 AM ET, a key measure of wholesale inflation that could significantly affect interest rate expectations and overall market direction if it surprises to the upside or downside. Accompanying this release is the July New York Fed Services Business Activity index, offering early indications of service sector health in a major economic hub. Following at 9:15 AM ET, expect the June Manufacturing Production, Industrial Production, and Capacity Utilization data, which together provide a comprehensive view of industrial output and resource usage, potentially highlighting manufacturing trends amid ongoing supply chain and demand dynamics. 

Additionally, several Fed officials are slated to speak: Richmond Fed President Barkin at 8:00 AM ET, Dallas Fed President Hammack at 9:15 AM ET, and Federal Reserve Board Governor Michael Barr at 10:00 AM ET, with their comments likely scrutinized for hints on monetary policy amid recent data.

Given the potential for these high-impact releases and speeches to spark sharp movements, brace for elevated volatility throughout the session, and consider tightening risk controls accordingly. Best of luck with your trades, and approach the day with caution. Stay safe!

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