Zak Mir takes a charting look at S&P 500, Nasdaq 100, Alset, BT Brands, Locafy, Nova Lifestyle, Professional Diversity, Roma, Senmiao, Urban-gro, US Auto Parts, Worksport.
In this briefing, I review the technical setups of the S&P 500 and Nasdaq, then walk through a selection of individual stock charts that are exhibiting interesting setups, breakouts, and potential targets.
As always, do your own research and treat these as chart-based observations rather than hard recommendations.
Market overview
S&P 500
The S&P is carving out a channel and the big question is where the floor sits. Normally I’d expect the 50‑day moving average to act as that floor — today that’s roughly at 6,330 — and we’re currently trading above it. A close just above Monday’s low (around 6,444) has given us a gap‑close buy signal.
Technically we’ve also seen an RSI rebound above neutral 50, which often precedes upside. The main resistance to clear on the RSI is the line around RSI 63 from the end of last month, but that’s less important than the fact we’ve bounced above 50. While price remains above the 50‑day and the channel floor, I’m looking for a renewed assault on the highs and a run up toward the top of the channel — as high as 6,700 — potentially by the end of next month.
Nasdaq 100
The Nasdaq has bounced from just below its 50‑day moving average (around 23,100) and closed the recent gap. The move formed a one‑day island reversal (gap down then gap up), which is a very bullish short‑term signal.
We’re back above RSI 50 and, as long as we hold above the channel floor and the 50‑day, I expect a push toward the top of the April channel near 24,500 — possibly later this month. Longer‑term there’s a projection (the red resistance line) up toward 26,000 into the end of 2025, but the immediate task is getting back to near‑term highs around 24,000.
Stocks I’m watching
Below are the individual setups I discussed — key moving averages, support and resistance, and what I want to see for each name to confirm the next leg up.
Alset
Alset recently pushed through resistance near $1.63. While staying above the old October resistance band ($1.80–$1.90) puts the bias on the upside, my target is the top of the rising trend channel started last summer — roughly $2.60 — which could come into play later this month.
BT Brands
This name has produced a second sharp spike and is testing a triangle top around $3.40 on an end‑of‑day basis. If it closes through that level the next parallel up sits near $4.80 — a possible target by the end of next month.
Near term the key is to remain above the former resistance level that acted as support on the pullback last month ($2.70 area). Holding above that keeps the bullish count intact.
Locafy
Locafy is making another upside attempt after managing to stay above its 50‑day moving average, currently rising around $4.90. We’ve seen a retest of the $7 area (top of the recent rising channel). If it holds above the 50‑day, a move back toward the channel top is the objective — the best‑case scenario target into the end of next month would be toward the high end of that rising trend.
Nova Lifestyle
Nova Lifestyle is showing decent progress above its 50‑day moving average, currently near $2.05. If price holds above that line we can reasonably expect a run toward the top of the rising trend channel and a test of July resistance near $4 on my scale — ideally by the end of next month.
Crucially, I don’t want to see a break back below the $1.70 area; keeping above the 50‑day keeps the bullish case alive.
Professional Diversity
This one has been flying and is sitting near the top of its channel, with upside out toward $14. On an end‑of‑day close basis the important level to clear was mid‑week resistance around $7.50 — staying above that keeps the trend bullish.
Roma Green
Roma delivered a sharp rebound above its 200‑day moving average (around $1.66). The longer price stays above the 200‑day the better the chance for a move to the channel highs and recent peaks near $4 — a target I’d like to see by the end of this month.
Initial support to watch is the August low ($2.40). Staying above that neighborhood helps the case for another upside spike.
Senmiao Technology
Senmiao produced a classic bear‑trap reversal: a sharp gap down in June followed by a strong gap up. We’ve already reached the top of the current channel, and clearing yesterday’s intraday high ($8.26) opens a fresh leg toward the upper parallel — roughly a path toward $14 if momentum continues.
On pullbacks I want to see support show up at or above the 50‑day moving average to keep the higher targets in play.
Shattuck Labs
Shattuck Labs is in a rising trend channel and has tried multiple times to break out. A target near $1.80 sits above current price if the breakout takes hold. For the bullish thesis to remain intact I want price above the 200‑day moving average (around $1.05). A close above the 200‑day and the channel base would confirm the breakout attempt.
Ugro Capital
Ugro Capital had a nice spike toward the first target around $82 If it can clear that, the next objective is the upper parallel of the rising channel — about $130 — which I’d expect by the end of next month on a successful continuation.
Before the week closes I’d like to see an end‑of‑day stay above the 200‑day moving average ($6.60). That keeps the risk/reward favorable for the upside path.
US Auto Parts
US Auto Parts pushed decisively through most recent resistance (the last step near ~$1.05) and is set to retest longer‑term resistance in the ~$1.40 area — a one to two year resistance level I’d watch for by the end of the month.
Worksport
Worksport is trading in a rising channel and the magnet for price is around the top of the March gap (roughly $5.50). The rising 50‑day moving average sits near $3.44; as long as shares remain above that 50‑day line, the channel top remains the reasonable target to watch for.
What I’m watching next
- Market internals: maintaining price above the 50‑day and channel floors on both the S&P and Nasdaq keeps the upside case intact.
- RSI behavior: rebounds above neutral 50 are constructive; clearing the short‑term RSI resistance lines will add conviction.
- Key end‑of‑day closes: many of the stock setups depend on end‑of‑day closes above the named resistance levels to confirm breakouts.
Conclusion
To summarize: the tape is providing bullish signals — RSI rebounds and gap‑close/island reversal patterns — that favor another leg higher if price continues to hold above the 50‑day moving averages and the channel floors. I’ve laid out the individual levels I’m watching on Alset, BT Brands, Locafy, Nova Lifestyle, Professional Diversity, Roma, Senmiao, Shattuck Labs, Urban‑gro, US Auto Parts and Worksport. Watch for end‑of‑day confirmations and support at the 50‑ and 200‑day lines on pullbacks.
More updates tomorrow.
Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.
