U.S. stocks started the week on a positive note, despite government borrowing costs continuing to rise. The Dow Jones Industrial Average rose 0.2% to 46,836.67, while the S&P 500 gained 0.3% to 6,735.75.
The Nasdaq led the advance, jumping 0.5% to 22,884.27, driven by a 38% surge in AMD shares after the chipmaker announced a partnership agreement with OpenAI, the operator of ChatGPT.
Zak Mir takes a charting look at the S&P 500, Nasdaq 100, Alto Neuroscience, Biogen, Clene, Charter, Dragonfly, Epsium, Femasys, Lithium Americas, Neuphoria, Plug Power, Super Micro, and Shopify.
As always, do your own research and treat these as chart-based observations rather than hard recommendations.
Quick market overview
Overall the picture for US indices remains constructive inside rising channels, but there are a few areas to keep on the radar for support tests or short-term pullbacks.
S&P 500
The S&P is hovering near the mid-channel area. The channel floor is roughly 6,500 and the upper band is toward 6,800. Recent October support sits around 6,660 — hold above that and the channel points to a push toward the upper band. My working target is near 6,900 by the end of the month, though that feels ambitious. On the downside, I wouldn’t expect a drop below the twice‑tested support near 6,550 unless something changes materially.
Nasdaq 100
Nasdaq strength has been largely about holding the 24,000 level. The channel top from April points toward roughly 25,300; best case is getting there in the first half of October. There’s even scope up to the late‑January red resistance near 26,200. The more cautious scenario is a retest of the channel floor and the 50‑day moving average around 23,800 — there’s a hint of bearish divergence, so a test of the floor is something I’m prepared for.
“”If we stay above recent broken resistance then higher targets are achievable — but always be ready for a test of the channel floor.””
Stocks I’m watching now
Alto Neuroscience, Inc. (ANRO)
Alto is inside a rising trend channel. The immediate target is the top of the channel near $8.72, which I expect within days. If momentum continues, there’s a gap-fill trade out to around $14 into next month. Key support to keep the bullish case intact is roughly $6 — the gap floor from last October; RSI support near 50 is another positive sign.
Biogen Inc. (BIIB)
Biogen has broken out above March resistance around $157. The top of the channel projects as high as $180 by the end of next month if the move has legs. The 5‑day moving average is rising and I’m watching the 200‑day (near $134) for a gradual curl upward to confirm a longer-term shift.
Clene Inc. (CLNN)
This one has already exceeded earlier targets — it blew past the $7.70 level — so I’ve upgraded the secondary target to about $13, which is the upper parallel of the broadening triangle base. That’s my time window into the end of this month.
Charter Communications, Inc. (CHTR)
Charter shows a clean RSI uptrend and a bounce off the 50‑day (around $266). If this momentum holds I’m looking for the top of the channel near $310 by the end of next month. The fact that price sits well above the 50‑day suggests a more bullish mode for the name.
Dragonfly Energy Holdings Corp. (DFLI)
Dragonfly has already taken out the second target (about 168 cents). Above that, the next upside target is the upper parallel of the second channel, roughly $3 — a move I’d target by the end of this month. The immediate technical hinge is holding the prior target area around $1.60.
Epsium Enterprise Limited (EPSM)
Epsium has been a rocky ride. The shares had hit optimistic targets but are now regrouping. Price bounced in a bear‑trap rebound from below the 200‑day, which is still rising. For a constructive resumption I want to see an end‑of‑day close through the 50‑day near $27 and RSI back above neutral 50. If that combo happens, the first target is roughly $56 by the end of the month or into November. Shorter term the name needs to stay above the recent broken resistance (just shy of $18).
Femasys Inc. (FEMY)
This name has recovered after a gap down and reclaimed the 50‑day (around $0.54). If the recovery holds, look for resistance and a potential move up toward $0.93 — essentially the August highs — by the end of the month.
Lithium Americas Corp. (LAC)
Lithium Americas put in a strong revival. The Canadian listing hit the resistance target near $12.50. On the U.S./equivalent listing we’ve seen a break above the prior range high in the mid‑$7s (around $7.50–$7.70) and the upper parallel pushes toward about $12. My expectation is for that move to play out by month‑end if momentum continues after the gap up.
Neuphoria Therapeutics Inc. (NEUP)
This stock exceeded the $15 target and remains on the right side of that level. The upper parallel of the rising trend channel projects to roughly $24 — a target into the end of next month — as long as price remains above $15.
Plug Power Inc. (PLUG)
Plug Power cleared a mid‑move consolidation and is tracking toward the top of its channel. I’m targeting the $4.50 area by the end of this month while keeping $3.30 (recent broken resistance) as critical support. If it holds above that level the upside case remains intact.
Super Micro Computer, Inc. (SMCI)
Super Micro has consolidated nicely, bouncing off the 200‑day and pushing through the 50‑day back above the August gap near $48. The initial target is the top of that gap around $56, which could be reached later this month. Key near-term work is to establish and defend support on the right side of $50.
Shopify Inc. (SHOP)
The U.S. listing of Shopify is in a rising trend channel that has been in place since March. The top of the channel points to a range between $160 and $190; I’m thinking $190 is achievable by the end of next month if price remains above recent broken resistance which has become support around $150.
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.
