Market Clubhouse Morning Memo - June 8th, 2023 (Trade Strategy For SPY, META, NVDA, MSFT, AAPL, NFLX, And TSLA)
Portfolio Pulse from RIPS
Market Clubhouse Morning Memo discusses the stock analysis of SPY, META, NVDA, MSFT, AAPL, NFLX, and TSLA. The analysis is based on a proprietary formula that takes into account price, volume, and options flow. The memo suggests monitoring these stocks for potential breakouts or reversals and adjusting tactics based on the market's pulse.
June 08, 2023 | 2:07 pm
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NEGATIVE IMPACT
Apple is holding at support level 177.31. Upside targets are 179.36 and 180.60 if bulls reclaim 178.61. Downside target is 176.29 if market weakens.
Apple's stock price is currently holding at a critical support level of 177.31. If the broader market weakens, the stock price could face a downside target of 176.29. However, if bulls reclaim 178.61, upside targets are 179.36 and 180.60.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
META faced a sell-off along with other large tech companies. Support is at 261.11, with downside targets of 258.52 and 255.98. Upside targets are 267.54 and 269.53 if bulls reclaim 263.19.
META's sell-off is due to the broader market sell-off in large tech companies. This could negatively impact the stock price in the short term, with downside targets of 258.52 and 255.98 if support at 261.11 is breached.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Microsoft experienced a drastic sell-off, hovering between 321.51 and 323.17. Downside targets are 320.05 and 318.48. Upside target is 326.05 if bulls reclaim 323.17.
Microsoft's stock price is struggling due to the broader market sell-off. The stock is currently hovering between support levels, with downside targets of 320.05 and 318.48 if support at 321.51 is breached.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Netflix is maintaining support at 399.30 and 397.67. Downside target is 393.76 if levels fail. Upside targets are 406.47 and 413.64 if bulls take control.
Netflix's stock price is currently maintaining support levels of 399.30 and 397.67. If these levels fail, the downside target is 393.76. However, if bulls take control, upside targets are 406.47 and 413.64.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
NVIDIA displayed weakness during Wednesday's trading. Support is at 378.23, with downside targets of 370.79 and 366.22. Upside target is 384.49 if bulls reclaim 378.23.
NVIDIA's stock price is struggling due to the broader market weakness. The stock is currently struggling to regain strength, with downside targets of 370.79 and 366.22 if support at 378.23 is not reclaimed.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
SPY experienced a significant sell-off due to the Bank of Canada's rate increase and fears of the US Fed following suit. Support levels are at 426.37 and 425.75, with a bear target of 424.52.
The sell-off in SPY is a result of the Bank of Canada's unexpected rate increase and fears that the US Fed might follow suit. This has led to a widespread sell-off in the SPX and NDX, which could negatively impact SPY's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Tesla is demonstrating resilience at support level 223.86. Upside targets are 227.58 and 230.65 if support holds. Downside targets are 222.19 and 219.39 if bears dominate.
Tesla's stock price is currently demonstrating resilience at a key support level of 223.86. If this support holds, upside targets are 227.58 and 230.65. However, if bears dominate, downside targets are 222.19 and 219.39.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100