Market Clubhouse Morning Memo – May 28th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META And TSLA) – Invesco QQQ Trust, Series 1 (NASDAQ:QQQ)

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

Currently, the SPY (NYSE:SPY) is hovering around the mark of 530.09. For those with a bullish outlook, an initial rise to 530.77 is crucial. Should the price maintain its strength above 530.77, the next target is the support level at 531.57. Holding this level during the trading session may push the price up further to 532.56. The ultimate bullish target for SPY today is 534.17.

On the flip side, if 530.09 fails to provide support, bearish traders will aim to challenge 528.66. If selling pressure continues, the price might drop to 527.36. Breaking this level on significant volume could see strong support tested at 526.31. In a more severe sell-off, the bearish target for today is set at 525.26.

Invesco QQQ Trust Series 1

The QQQ (NASDAQ:QQQ) is presently around the key level of 458.83. Bulls need to see this level hold to pursue higher targets. If 458.83 can act as solid support, the next focus is 460.55. Continued upward momentum could propel the price to 462.14. If today’s market shows strength, a test of 463.56 is possible. The highest bullish target for the QQQ today stands at 465.93.

If the price cannot sustain above 458.83, bears will likely push it down to 457.55. Further weakness might drive the price to 456.23. Persistent selling pressure could lead to a test of 455.29. Failing this level, the low bearish target for today is 454.10.

Apple Inc.

Apple (NASDAQ:AAPL) is currently trading near 193.18. Bulls are eyeing this level to hold as support. If it does, a rally to 193.95 is the next objective. Continued bullish sentiment could drive the price to 194.40. Should the bulls maintain control, reaching the high target of 194.83 is feasible.

If 193.18 fails to provide support, a decline to 192.76 might occur. Persistent selling could push the price further down to 192.27. If this selling continues, 191.57 becomes the next level to watch. The low bearish target for Apple today is 190.52.

Microsoft Corp.

Microsoft (NASDAQ:MSFT) is currently near the 428.48 level. For bulls, sustaining above this level is key, with a potential move to 429.25 anticipated. Holding this support could see the price climb to 430.25. If buying momentum persists, the high bullish target for the day is 431.25.

If 428.48 does not hold as support, bearish pressure might drive the price down to 427.36. Breaking this level could lead to a further decline to 426.00. Continued downward pressure could push the price to 425.16, with the low bearish target set at 423.81.

NVIDIA Corporation

NVIDIA (NASDAQ:NVDA) is currently around the critical level of 1,091.24. Bulls will aim to push the price to 1,098.63 and establish this as a new support level. Success here could drive the price to 1,107.30. Continued buying strength might see a rally up to 1,117.05. The high bullish target for NVIDIA today is 1,129.98.

If 1,091.24 does not hold, bears will likely test 1,075.18. A break here could see a drop to 1,063.07. If the market weakens further, a test of 1,052.31 is expected. On heavy selling, the low bearish target is 1,039.67.

Alphabet Inc Class A

Alphabet (NASDAQ:GOOGL) is currently trading around 174.01. Bulls need this level to hold to push the price higher to 175.12. Sustained buying could see the price reach the high bullish target of 176.23.

If 174.01 fails as support, bears will aim for a drop to 172.28. Breaking this level might lead to a decline to 171.14. On significant selling pressure, the low bearish target is 169.34.

Meta Platforms Inc

Meta (NASDAQ:META) is trading around 477.50. Bulls need to hold this level to drive the price to 479.47. Continued strength could push the price to 480.96. If bullish momentum persists, the high target for Meta is 483.11.

If 477.50 fails, bears will target a drop to 475.19. Further selling might drive the price down to 473.93. If this level breaks, the low bearish target for Meta is 472.19.

Tesla Inc.

Tesla (NASDAQ:TSLA) is around the critical level of 176.34. Bulls aim to push the price to 179.79. Continued buying could see a rally to 182.53. If the market supports a bullish move, Tesla might test 184.10. The high bullish target for Tesla today is 186.10.

If 176.34 fails, a decline to 172.61 is likely. Persistent selling could push the price to 169.70. If this level breaks, the low bearish target is 166.89.

Final Word: Today’s trading session is influenced by multiple economic indicators and events. The House Price Index for March will be released at 9AM ET, offering insights into the housing market. At 10AM ET, the Conference Board Consumer Confidence numbers for May will provide an update on consumer sentiment. The Treasury is set to hold several auctions today, starting with 3 and 6 Month Bill Auctions at 10AM ET, followed by a 2-year Note Auction at 11:30AM ET, and concluding with a 5-year Note Auction at 1PM ET. Additionally, market participants should pay attention to speeches from Federal Reserve officials. Neel Kashkari, a non-voting member, speaks at 9:55AM ET, providing his perspective on the economy. Later, at 1:05PM ET, Lisa Cook, a voting member, will deliver her remarks, potentially impacting market sentiment. With a day full of economic data and events, traders should remain cautious and prepared for increased volatility. Good luck and trade wisely!

The Morning Memo is curated by RIPS, a pro trader with years of experience in equities, options, and futures trading. RIPS is at the heart of the exclusive Market Clubhouse community, offering his insights, expertise, and real-time mentorship.

Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will gain early access to the Morning Memo, just like this one, every single day—hours before it’s published. You will also have access to a live stream with zero latency and screen sharing, enabling you to witness Rips executing his trades in real-time and sharing his exclusive trading plans, strategies, and live decision-making.

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.

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