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 629.33. Bulls are targeting an initial advance to 630.58. If momentum persists above 630.58, we anticipate buyers driving prices toward our next key support at 632.12. Should buyers confidently defend 632.12 throughout regular session trading, look for a continuation upward to 632.98, with our ultimate bullish target for the day sitting at 633.82. 

If bulls lose their grip at 629.33, sellers will aim for downside momentum, initially challenging the 628.27 level. Continued bearish pressure will put the 626.98 mark at risk. Breaking this level decisively could see SPY quickly trading down toward the strong support at 625.24. If selling intensifies dramatically, bears might reach our lowest target for the session at 623.69.

Invesco QQQ Trust Series 1 (QQQ)

The QQQ is currently trading near our pivotal level of 562.93. Bulls must firmly establish price action above this mark, subsequently securing 564.86 as reliable intraday support. Persistent bullish sentiment should then encourage further upside momentum, targeting the next resistance at 567.34. If today’s buying is robust, anticipate a stretch toward 570.72, with our top bullish objective for the QQQ standing at 574.02. 

Should QQQ fail to hold 562.93 convincingly during market hours, bears will seize control and push downward aggressively, first testing the 561.18 area. If weakness persists, expect a deeper selloff toward 560.04. Continued bearish dominance could trigger further downside pressure toward the support at 558.32. A breach here opens the door to our lowest bearish target of the day at 557.31.

Apple Inc. (AAPL)

Apple is trading near our crucial price level of 211.18. Bulls should aim to maintain this support, driving the stock upward initially toward 212.49. Sustained buying could elevate Apple to the next upside hurdle at 213.81. If bullish participants decisively dominate today’s trading, our high-end bullish target of 215.44 becomes attainable. 

If buyers fail to defend the critical level at 211.18, bearish sellers will quickly target 210.18 as their first destination. Continuation of selling momentum would bring Apple down to the next support zone at 209.30. A breakdown of that level might induce additional selling toward 208.55, with further weakness potentially reaching our lower bear target at 207.92.

Microsoft Corp. (MSFT)

Microsoft is currently trading near our highlighted level of 509.60. Bulls will first need to secure the area above 509.30, setting the stage for a move upward toward 511.50, which would then act as an intraday support. Holding firmly above 511.50 would position Microsoft for a bullish run toward 513.37, with sustained buyer participation likely pushing prices to our daily bullish target of 515.81. 

If 509.60 is not maintained, expect bears to swiftly challenge the 508.43 mark. Breaking below this support will encourage additional downside pressure, targeting 506.88. Should selling intensify, the next bearish objective becomes 505.36, ultimately opening a path toward our lowest bearish target for the session at 503.99.

NVIDIA Corporation (NVDA)

NVIDIA is currently trading around our critical level of 172.41. Bulls must push the price higher initially to reclaim and firmly establish support at 173.45. Continued upward momentum would then open a pathway to the next resistance point at 174.82. Strong buying throughout the day could drive NVIDIA further upward toward 176.16, with our top bullish target today placed at 177.82. 

If NVIDIA cannot hold above 172.41, expect bearish sellers to target a move lower initially toward 170.21. A breakdown here with notable selling volume could rapidly take prices down to 168.70. Further weakening could see bears testing 167.39, and continued downside momentum might ultimately push NVIDIA toward our daily bearish objective at 166.40.

Alphabet Inc Class A (GOOGL)

Alphabet is presently trading close to our significant level of 186.69. Bulls will first aim to firmly secure this area as intraday support, targeting a push higher toward resistance at 187.74. Strong bullish activity might then extend this rally to reach today’s ultimate bullish target of 189.61. 

If buyers are unable to protect 186.69, sellers will likely take control and aggressively test support lower at 185.58. If bearish sentiment intensifies, expect the auction to continue downward toward 184.47. Under heavy selling pressure, Alphabet could fall toward our low-end bearish objective of 182.74.

Meta Platforms Inc (META)

Meta is currently trading near our key level of 708.06. Bulls will look to establish firm price strength above 710.77, setting up the opportunity for further advances toward 712.72. Continued bullish conviction should then lift Meta toward the next resistance level at 715.36, with potential for buyers to drive price action toward our bullish target at 718.01. 

If Meta fails to maintain support at 708.06, sellers will immediately target a decline to the support level at 704.15. Continued bearish activity would encourage a further drop toward 701.69. Should this area fail to hold, increased selling might accelerate the move down toward our lowest bearish target of the session at 699.69.

Tesla Inc. (TSLA)

Tesla is currently trading around our significant price level of 334.35. Bulls should first target a move upward to 336.63, with continued buying momentum potentially lifting prices to the next resistance at 340.31. If market sentiment is strongly bullish today, Tesla may push higher toward 346.24, with our maximum bullish objective sitting at 348.49. 

If the support level at 334.35 is compromised, anticipate sellers moving swiftly to test lower prices around 332.51. Additional bearish pressure would likely bring Tesla down further to 330.67. Failure at this level with intensified selling could prompt further downside to our daily bearish target of 329.28.

Final Word: Today’s economic calendar is remarkably thin, which may contribute to a subdued start to the week with limited directional catalysts. At 10:00 AM ET, the June Leading Economic Index will be published, acting as a composite gauge of future economic activity and possibly offering subtle clues on growth trajectories. 

Subsequently, at 11:30 AM ET, the Treasury will conduct its 3-Month and 6-Month Bill Auctions, revealing short-term borrowing rates and investor appetite for government debt in a low-yield environment. 

Amid the scant data releases, markets could experience reduced liquidity, resulting in unpredictable swings from minor triggers. Exercise caution with position sizing, monitor for abrupt shifts, and prioritize capital preservation. Good luck and trade safely!

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.

**

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. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: https://www.youtube.com/@MarketClubhouse.