Market Clubhouse Morning Memo - May 26th, 2023 (Trade Strategy For SPY, NVDA, AMZN, META, And TSLA)
Portfolio Pulse from RIPS
Market Clubhouse Morning Memo focuses on SPY, NVDA, AMZN, META, and TSLA, providing price levels based on a proprietary formula. The market's reaction to debt ceiling discussions will be crucial for today's session, with potential bullish momentum if a deal is made.
May 26, 2023 | 1:50 pm
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NEUTRAL IMPACT
AMZN sits around 115.94. If it confidently reclaims this level, the upside target is 117.15. Instability could lead to testing 114.98 and a downside target of 114.
AMZN's short-term price direction will depend on its ability to confidently reclaim the 115.94 level. If it does, the upside target is 117.15. However, instability could lead to testing 114.98 and a downside target of 114.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
META needs to reclaim 254.75 for an upside target of 255.98. If it fails, expect 252.01 to be tested for support, with a downside target of 249.96.
META's short-term price direction will depend on its ability to reclaim the 254.75 level. If it does, the upside target is 255.98. However, if it fails, expect 252.01 to be tested for support, with a downside target of 249.96.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
NVDA sits in the support channel of 376.84 and 384.49. A strong market could lead to a breakout, targeting 390.33, 394.89, and 399.46.
NVDA's short-term price direction will depend on the strength of the market. A strong market could lead to a breakout, targeting 390.33, 394.89, and 399.46. However, weakness below 376.84 could result in testing 370.79 as support.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
SPY is mixed in premarket due to PCE reading and debt ceiling news. A deal could lead to bullish momentum. Key levels are 414.46, 415.71, and 416.54.
SPY's short-term price direction will depend on the outcome of the debt ceiling discussions. A deal could lead to bullish momentum, while a negative turn could result in downside targets. The key levels to watch are 414.46, 415.71, and 416.54.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
TSLA's price action is between 184.10 and 186.10. Strong buyers could lead to an upside target of 187.88, while a softer session could test 182.53 and 181.37.
TSLA's short-term price direction will depend on the strength of buyers. Strong buyers could lead to an upside target of 187.88, while a softer session could result in testing 182.53 and 181.37.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100