How To Trade SPY, Top Tech Stocks 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 628.47. Bulls are targeting an initial advance to 629.72. If momentum persists above 629.72, we anticipate buyers driving prices toward our next key support at 631.26. Should buyers confidently defend 631.26 throughout regular session trading, look for a continuation upward to 632.12, with our ultimate bullish target for the day sitting at 632.96. 

If bulls lose their grip at 628.47, sellers will aim for downside momentum, initially challenging the 627.41 level. Continued bearish pressure will put the 626.12 mark at risk. Breaking this level decisively could see SPY quickly trading down toward the strong support at 624.38. If selling intensifies dramatically, bears might reach our lowest target for the session at 622.83.

Invesco QQQ Trust Series 1 (QQQ)

The QQQ is currently trading near our pivotal level of 562.68. Bulls must firmly establish price action above this mark, subsequently securing 564.61 as reliable intraday support. Persistent bullish sentiment should then encourage further upside momentum, targeting the next resistance at 567.09. If today’s buying is robust, anticipate a stretch toward 570.47, with our top bullish objective for the QQQ standing at 573.77. 

Should QQQ fail to hold 562.68 convincingly during market hours, bears will seize control and push downward aggressively, first testing the 560.93 area. If weakness persists, expect a deeper selloff toward 559.79. Continued bearish dominance could trigger further downside pressure toward the support at 558.07. A breach here opens the door to our lowest bearish target of the day at 557.06.

Apple Inc. (AAPL)

Apple is trading near our crucial price level of 210.52. Bulls should aim to maintain this support, driving the stock upward initially toward 211.83. Sustained buying could elevate Apple to the next upside hurdle at 213.15. If bullish participants decisively dominate today’s trading, our high-end bullish target of 214.78 becomes attainable. 

If buyers fail to defend the critical level at 210.52, bearish sellers will quickly target 209.52 as their first destination. Continuation of selling momentum would bring Apple down to the next support zone at 208.64. A breakdown of that level might induce additional selling toward 207.89, with further weakness potentially reaching our lower bear target at 207.26.

Microsoft Corp. (MSFT)

Microsoft is currently trading near our highlighted level of 513.26. Bulls will first need to secure the area above 512.96, setting the stage for a move upward toward 515.16, which would then act as an intraday support. Holding firmly above 515.16 would position Microsoft for a bullish run toward 517.03, with sustained buyer participation likely pushing prices to our daily bullish target of 519.47. 

If 513.26 is not maintained, expect bears to swiftly challenge the 512.09 mark. Breaking below this support will encourage additional downside pressure, targeting 510.54. Should selling intensify, the next bearish objective becomes 509.02, ultimately opening a path toward our lowest bearish target for the session at 507.65.

NVIDIA Corporation (NVDA)

NVIDIA is currently trading around our critical level of 173.67. Bulls must push the price higher initially to reclaim and firmly establish support at 174.71. Continued upward momentum would then open a pathway to the next resistance point at 176.08. Strong buying throughout the day could drive NVIDIA further upward toward 177.42, with our top bullish target today placed at 179.08. 

If NVIDIA cannot hold above 173.67, expect bearish sellers to target a move lower initially toward 171.47. A breakdown here with notable selling volume could rapidly take prices down to 169.96. Further weakening could see bears testing 168.65, and continued downside momentum might ultimately push NVIDIA toward our daily bearish objective at 167.66.

Alphabet Inc Class A (GOOGL)

Alphabet is presently trading close to our significant level of 184.15. Bulls will first aim to firmly secure this area as intraday support, targeting a push higher toward resistance at 185.20. Strong bullish activity might then extend this rally to reach today’s ultimate bullish target of 187.07. 

If buyers are unable to protect 184.15, sellers will likely take control and aggressively test support lower at 183.04. If bearish sentiment intensifies, expect the auction to continue downward toward 181.93. Under heavy selling pressure, Alphabet could fall toward our low-end bearish objective of 180.20.

Meta Platforms Inc (META)

Meta is currently trading near our key level of 702.85. Bulls will look to establish firm price strength above 705.56, setting up the opportunity for further advances toward 707.51. Continued bullish conviction should then lift Meta toward the next resistance level at 710.15, with potential for buyers to drive price action toward our bullish target at 712.80. 

If Meta fails to maintain support at 702.85, sellers will immediately target a decline to the support level at 698.94. Continued bearish activity would encourage a further drop toward 696.48. Should this area fail to hold, increased selling might accelerate the move down toward our lowest bearish target of the session at 694.48.

Tesla Inc. (TSLA)

Tesla is currently trading around our significant price level of 320.45. Bulls should first target a move upward to 322.73, with continued buying momentum potentially lifting prices to the next resistance at 326.41. If market sentiment is strongly bullish today, Tesla may push higher toward 332.34, with our maximum bullish objective sitting at 334.59. 

If the support level at 320.45 is compromised, anticipate sellers moving swiftly to test lower prices around 318.61. Additional bearish pressure would likely bring Tesla down further to 316.77. Failure at this level with intensified selling could prompt further downside to our daily bearish target of 315.38.

Final Word: Today’s economic calendar is notably light, setting the stage for a potentially subdued trading environment amid the summer season. At 8:30 AM ET, expect the June Housing Starts and Preliminary Building Permits data, which could offer insights into residential construction trends and broader real estate sector health, particularly in the context of interest rate sensitivities. 

Following at 10:00 AM ET, the Preliminary University of Michigan Consumer Sentiment Index for July will gauge household confidence levels, accompanied by the 1-Year and 5-10 Year Inflation Expectations, providing forward-looking views on price pressures that might influence monetary policy outlooks. 

Given the limited news flow and the typical Friday summer slowdown, trading volumes may dip, potentially amplifying any moves from thin liquidity. Stay alert for unexpected headlines, manage positions conservatively, and enjoy a productive session. Good luck, trade with caution, and have an amazing weekend!

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