Good Morning Traders! In today’s Market Clubhouse Morning Memo, our focus is on SPY, NVDA, AMZN, 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 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 SPY, a prominent ETF tracking the S&P 500, is mixed in the premarket due to a hotter than expected PCE reading and some positive news out of the debt ceiling discussions. A deal could be finalized as soon as by the end of day today on Friday.
If the market believes a deal will be made, or a deal is indeed made today, we should see a reaction across the markets with bullish momentum.
We currently find ourselves between the channels of 414.46 and 415.71. If we do breakout to the upside, we have a Market Clubhouse level of 416.54. On continued bullish buying, we could see further bull targets of 417.47 and 418.17.
If the news coming out takes a bearish turn, expect 414.46 to fail and downside targets of 413.59 and 412.59.
NVIDIA Corporation
NVIDIA NVDA, the global tech giant, currently sits in the support channel of 376.84 and 384.49. A strong market could bring a break out of the 384.49 level and target 390.33, 394.89, and 399.46.
If there is weakness below 376.84, we could see 370.79 tested as support once more today. With all of the weekly contracts expiring today, there is a high probability that NVIDIA could be pinned for the majority of the day’s trade with little price action. Look to the broader market and other tech players for clues on how to proceed.
Amazon.com, Inc.
Amazon AMZN , a global technology behemoth with diverse interests, sold off yesterday during regular trading hours below our Clubhouse level of 114.98, but had later reclaimed it in the afternoon session and afterhours.
We now sit right around our level of 115.94. If Amazon can confidently reclaim 115.94 with momentum, we should look to an upside target of 117.15.
However, instability in Amazon could lead to 114.98 being tested once more. We have a downside target below 114.98 of 114 flat.
Meta Platforms Inc.
Meta META, formerly named Facebook, Inc., an American multinational technology conglomerate, was somewhat mixed yesterday. While it looked like it may have been able to reclaim our level of 254.75, the momentum of buyers fizzled out towards the end of yesterday’s session.
We are again looking for Meta to reclaim 254.75 to the upside with a target of 255.98.
If Meta cannot reclaim 254.75 in today’s session, expect 252.01 to be tested to the downside for support, with a potential downside target of 249.96
Tesla Inc.
Tesla TSLA , the renowned EV manufacturer, had a sharp sell-off yesterday to open up the session, but rebounded to close out the day.
We are currently finding the price action between the levels of 184.10 and 186.10.
If we see strong buyers on the tape, the upside target would be 187.88. On a softer session, we would see 182.53 and possibly 181.37 tested once again.
Final Word: Today’s session is going to revolve around debt ceiling discussions. If a deal is made or there are headlines hinting that the deal is coming close to being finalized, expect the market to rally. The market is closed on Monday for Memorial Day. Please trade smart today so that you can enjoy your long weekend. Good luck out there!
Professional trader RIPS, a seasoned veteran in equities, options, and futures trading, is at the heart of the Market Clubhouse, offering his insights and expertise in the fast-paced world of trading. Start your day with daily market analysis, a carefully selected watch list, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. Join RIPS in his live trading room every day at https://MarketClubhouse.club/Free where you can trade live with him and tap into his wealth of knowledge and experience.
