Trading SPY, And 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 631.30. Bulls are targeting an initial advance to 632.55. If momentum persists above 632.55, we anticipate buyers driving prices toward our next key support at 634.09. Should buyers confidently defend 634.09 throughout regular session trading, look for a continuation upward to 634.95, with our ultimate bullish target for the day sitting at 635.79. 

If bulls lose their grip at 631.30, sellers will aim for downside momentum, initially challenging the 630.24 level. Continued bearish pressure will put the 628.95 mark at risk. Breaking this level decisively could see SPY quickly trading down toward the strong support at 627.21. If selling intensifies dramatically, bears might reach our lowest target for the session at 625.66.

Invesco QQQ Trust Series 1 (QQQ)

The QQQ is currently trading near our pivotal level of 562.35. Bulls must firmly establish price action above this mark, subsequently securing 564.28 as reliable intraday support. Persistent bullish sentiment should then encourage further upside momentum, targeting the next resistance at 566.76. If today’s buying is robust, anticipate a stretch toward 570.14, with our top bullish objective for the QQQ standing at 573.44. 

Should QQQ fail to hold 562.35 convincingly during market hours, bears will seize control and push downward aggressively, first testing the 560.60 area. If weakness persists, expect a deeper selloff toward 559.46. Continued bearish dominance could trigger further downside pressure toward the support at 557.74. A breach here opens the door to our lowest bearish target of the day at 556.73.

Apple Inc. (AAPL)

Apple is trading near our crucial price level of 215.32. Bulls should aim to maintain this support, driving the stock upward initially toward 216.63. Sustained buying could elevate Apple to the next upside hurdle at 217.95. If bullish participants decisively dominate today’s trading, our high-end bullish target of 219.58 becomes attainable. 

If buyers fail to defend the critical level at 215.32, bearish sellers will quickly target 214.32 as their first destination. Continuation of selling momentum would bring Apple down to the next support zone at 213.44. A breakdown of that level might induce additional selling toward 212.69, with further weakness potentially reaching our lower bear target at 212.06.

Microsoft Corp. (MSFT)

Microsoft is currently trading near our highlighted level of 507.21. Bulls will first need to secure the area above 506.91, setting the stage for a move upward toward 509.11, which would then act as an intraday support. Holding firmly above 509.11 would position Microsoft for a bullish run toward 510.98, with sustained buyer participation likely pushing prices to our daily bullish target of 513.42. 

If 507.21 is not maintained, expect bears to swiftly challenge the 506.04 mark. Breaking below this support will encourage additional downside pressure, targeting 504.49. Should selling intensify, the next bearish objective becomes 502.97, ultimately opening a path toward our lowest bearish target for the session at 501.60.

NVIDIA Corporation (NVDA)

NVIDIA is currently trading around our critical level of 168.39. Bulls must push the price higher initially to reclaim and firmly establish support at 169.43. Continued upward momentum would then open a pathway to the next resistance point at 170.80. Strong buying throughout the day could drive NVIDIA further upward toward 172.14, with our top bullish target today placed at 173.80. 

If NVIDIA cannot hold above 168.39, expect bearish sellers to target a move lower initially toward 166.19. A breakdown here with notable selling volume could rapidly take prices down to 164.68. Further weakening could see bears testing 163.37, and continued downside momentum might ultimately push NVIDIA toward our daily bearish objective at 162.38.

Alphabet Inc Class A (GOOGL)

Alphabet is presently trading close to our significant level of 192.04. Bulls will first aim to firmly secure this area as intraday support, targeting a push higher toward resistance at 193.09. Strong bullish activity might then extend this rally to reach today’s ultimate bullish target of 194.96. 

If buyers are unable to protect 192.04, sellers will likely take control and aggressively test support lower at 190.93. If bearish sentiment intensifies, expect the auction to continue downward toward 189.82. Under heavy selling pressure, Alphabet could fall toward our low-end bearish objective of 188.09.

Meta Platforms Inc (META)

Meta is currently trading near our key level of 708.95. Bulls will look to establish firm price strength above 711.66, setting up the opportunity for further advances toward 713.61. Continued bullish conviction should then lift Meta toward the next resistance level at 716.25, with potential for buyers to drive price action toward our bullish target at 718.90. 

If Meta fails to maintain support at 708.95, sellers will immediately target a decline to the support level at 705.04. Continued bearish activity would encourage a further drop toward 702.58. Should this area fail to hold, increased selling might accelerate the move down toward our lowest bearish target of the session at 700.58.

Tesla Inc. (TSLA)

Tesla is currently trading around our significant price level of 333.14. Bulls should first target a move upward to 335.42, with continued buying momentum potentially lifting prices to the next resistance at 339.10. If market sentiment is strongly bullish today, Tesla may push higher toward 345.03, with our maximum bullish objective sitting at 347.28. 

If the support level at 333.14 is compromised, anticipate sellers moving swiftly to test lower prices around 331.30. Additional bearish pressure would likely bring Tesla down further to 329.46. Failure at this level with intensified selling could prompt further downside to our daily bearish target of 328.07.

Final Word: Today’s economic calendar continues to be quite subdued, potentially leading to range-bound action unless external factors emerge. At 10:00 AM ET, the June Existing Home Sales report will be released, offering a window into residential real estate trends and consumer confidence in the housing market amid fluctuating interest rates. 

Later, at 1:00 PM ET, the Treasury’s 20-Year Bond Auction could provide signals on long-term yield demand and investor risk appetite. Traders will also be gearing up for post-market earnings from Alphabet (GOOGL) and Tesla (TSLA), with focus on ad revenue growth, AI advancements, and EV production updates that might sway tech and auto sectors. 

In this low-key setup, stay attuned to any surprises from these events or broader news, and emphasize careful position management to handle possible light-volume drifts. 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.

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