Market Clubhouse Morning Memo - July 6th, 2023 (Trade Strategy For SPY, QQQ, META, GOOGL, TSLA, And NVDA)
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The Market Clubhouse Morning Memo discusses the trade strategy for SPY, QQQ, META, GOOGL, TSLA, and NVDA. The memo suggests monitoring these stocks for potential breakouts or reversals. The US equity futures have declined following the release of FOMC minutes hinting at a potential tightening of monetary policy. The memo also mentions that tech received a boost yesterday driven by Meta and NVIDIA, but overnight selling pressure has brought the QQQ towards the support level.
July 06, 2023 | 1:43 pm
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NEUTRAL IMPACT
GOOGL retraced its gains in the premarket session. If the price action fails to hold above the key support level of 120.18, downside targets at 119.58 and 119.14 could be monitored.
The memo suggests that GOOGL retraced its gains. If the price action fails to hold above the support level, downside targets could be monitored.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
META experienced a surge in price action yesterday. However, if the support level at 297.33 fails to hold, the bears could push the price action down to the support level of 293.91.
The memo suggests that META experienced a surge in price action. However, if the support level fails to hold, the price could be pushed down.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
NVDA is holding at the key support level of 419.36. If the bulls can maintain this level, a reclaiming of 421.35 could be anticipated.
The memo suggests that NVDA is holding at the key support level. If the bulls can maintain this level, a reclaiming of the previous level could be anticipated.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Overnight selling pressure has brought QQQ towards the support level of 367.52. If the price action remains strong above this level, the bulls could reclaim 368.57.
The memo suggests that QQQ has faced selling pressure, bringing it towards the support level. If the price action remains strong, it could reclaim the previous level.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
SPY is holding above the key support level of 440.34. If the price action remains strong above this level, upside targets of 441.06 and 441.62 are anticipated.
The memo suggests that SPY is holding above the key support level. If the price action remains strong, it could reach the upside targets.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
TSLA is holding above the key support level of 279.43. If this level breaks down, the bears could target the lower support level at 275.07.
The memo suggests that TSLA is holding above the key support level. If this level breaks down, the bears could target the lower support level.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80