Zak Mir takes a charting look at S&P 500, Nasdaq 100, Above, Beam, Bionexus, Fly-E, Lucid, Pagaya, Palladyne, Phoenix Asia, Safe Pro, Scorpio Tankers, Saiheat, Scilex, Sable.
Market Overview: S&P 500 and Nasdaq 100
The S&P 500 has shown impressive resilience recently, bouncing back strongly after a midweek dip that shook out stop losses near the 6200 level. This dip acted like a “rug pull,” but the market quickly regained footing, maintaining its position above the critical 6200 support. Looking ahead, the S&P is targeting the upper boundary of a broadening triangle pattern formed since spring of last year, with a potential move up to 6380 by the end of July or early August. This level represents a significant resistance point dating back to May 2023, and the market’s strength above the old March resistance around 6000 suggests solid consolidation and momentum.
Turning to the Nasdaq 100, the index is hovering close to its prescribed target around 23,000, now pushing slightly higher to 23,300. This movement aligns with the rising triangle resistance line, indicating continued upward pressure. Key support levels to watch are 22,600 and, in a worst-case scenario, 22,200—the latter being an old resistance from February. Traders should remain alert to external risks such as tariff-induced volatility that could trigger sharp pullbacks.
Stock Highlights and Technical Targets
Above
Above stock remains in focus with clear resistance target lines and a rising trend channel base near $320. A decisive close above this level could trigger a fresh leg higher, potentially reaching as much as $540. Although pre-market prices are slightly below this threshold, an end-of-day close above 320 could set the stage for a $5-plus rally.
Beam Global
Beam Global has shown strength by breaking through recent resistance around $230 and is currently eyeing the top of its rising trend channel base at $330. This move could materialize by the end of July or even sooner, supported by a rebound in the Relative Strength Index (RSI) to the 50 level, which often signals bullish momentum.
Bionexus
Bionexus has experienced a somewhat volatile ride. Its initial target was around $540, and if that level is surpassed, the stock could fill a gap up to $880 during the remainder of July. However, a drop below the $430 support—linked to resistance from January and February—could undermine the upside potential.
Fly-E Group
Fly-E Group is trading within a rising trend channel with a somewhat extended base. The minimum upside target is approximately $760, ideally reached by the end of July. This depends on clearing recent resistance near $6, which would pave the way for further gains.
Lucid
Lucid’s stock price has created a gap through old resistance at $3. Remaining above this level increases the likelihood of moving toward the top of its range at $3.70 by the end of July, reflecting a positive technical outlook.
Pagaya Technologies
Pagaya Technologies continues a steep upward trajectory within its trend channel. The stock is approaching the top of this channel near $40,600, with the potential to reach $40 by month-end if it holds above yesterday’s support at $25,850. The RSI pattern remains robust, supported by multiple points above the neutral 50-60 range, indicating strong buying interest.
Palladyne
Palladyne is also in a steep rising trend channel, targeting the $19+ level by the end of next month. Maintaining a position above recent broken resistance at $10.30 on an end-of-day close basis is crucial to support this rally.
Phoenix Asia
Phoenix Asia has already reached the top of its channel, suggesting a potential pullback or consolidation. A recovery above recent resistance at $9.60 would be needed to reignite the upward momentum toward a $16 price target by the end of July.
Safe Pro
Safe Pro, a new addition to the coverage, exhibits a broadening triangle pattern with a target near $5.80 by the end of July, assuming it remains above recent resistance around $3.60. The RSI rebound above neutral 50 adds to the optimistic risk-reward profile.
Scorpio Tankers
Scorpio Tankers, highlighted for its potential M&A activity, is trading within a rising trend channel with resistance in the upper $40s. The top of this channel is around $60 to $63, a level that could be reached by the end of next month if the stock stays above the channel floor and the 50-day moving average near $41.20. RSI rebounds at neutral 50 support the possibility of gaining traction, with any M&A announcement likely serving as a significant catalyst.
Saiheat
Saiheat shows a broadening triangle formation targeting $18.70 by the end of July, provided it remains above recent broken resistance at $11.70, which is pivotal for a sustained move higher.
Scilex
Scilex is in a rising trend channel aiming for the $19 level by the end of next month. The stock closed above a gap at $8.50, a reliable buy signal often indicating a continuation to higher targets. Support remains strong above recent resistance at $7.66.
Sable
Sable is showing a massive key reversal with an upside breakthrough through its rising 50-day moving average. The stock is targeting the top of its range near $35 by the end of July, contingent on holding above the 50-day line at $24.83. Premarket trading already shows strength near $30, suggesting momentum is building.
Conclusion
The current market landscape is characterized by strong technical setups and clear trend channels in both major indices and individual stocks. The S&P 500 and Nasdaq 100 continue to demonstrate resilience and upward momentum, with critical support levels holding firm. Among individual stocks, several are poised for significant gains if they can maintain key support and break through resistance zones. Monitoring RSI levels and trend channel boundaries provides valuable clues for potential entry and exit points.
Staying above crucial support levels such as 6200 on the S&P, 22,600 on the Nasdaq, and respective stock-specific thresholds will be essential for bullish continuation. Conversely, any tariff shocks or broader market disruptions could trigger short-term pullbacks. This analysis highlights that disciplined chart reading and technical awareness remain vital tools for navigating the dynamic US market environment.
Stay tuned for ongoing updates as market conditions evolve and new opportunities arise
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.
