Zak Mir takes a charting look at S&P 500, Nasdaq 100, American Rebel, Above Food, Better Home, Hong Kong Pharma, Infrared Cameras, Neumora, Reviva, Rackspace, reAlpha, 374Water.
The broader market remains constructive, and a string of technical signals is pointing to further upside into early to mid-November. Below, I run through the S&P 500 and Nasdaq 100 picture first, then the individual stock setups to watch, with the key support, resistance, and targets I am tracking.
As always, do your own research and treat these as chart-based observations rather than hard recommendations.
Macro picture
S&P 500
The S&P remains inside a rising trend channel that has been in place for months. Price has traded around and above the 50 day moving average area near 6,588 and the chart looks punchy enough to make a run higher. We have had multiple RSI rebounds at or above the neutral 50 level which is a constructive signal.
- Near term resistance to beat: 6,780 then the record high zone above that.
- Downside buffer: worst case near 6,550 which is post mid September support.
- Upside call: I am looking as high as the 7,000 zone by the end of next month if momentum holds.
Nasdaq 100
Technically the Nasdaq 100 looks slightly stronger than the S&P. It is also in a rising trend channel with support above its rising 50 day moving average and the RSI showing 50 plus rebounds.
- Initial target: 26,000 which is the top of the April rising channel.
- Best case by the end of next month: 26,500.
- Support to watch: the 24,000 zone should act as the rug pull cover for any dips.
Stock setups to watch
Below are the names I am watching with the technical levels I care about. I list current structure, what I want to see to stay constructive, and where I expect these names to trade into the end of next month.
American Rebel Holdings, Inc. (AREB)
This is a chart we have looked at before and it suffered a rug pull after a period grinding through the 50 day line. Price gapped lower and made lower lows through October but the RSI trace is higher on those lows which creates a bullish divergence. That suggests the current dip could be a buying opportunity.
- What I want to see: hold above recent near term support around the low point and ideally stay above the short term support near the $2.30 area.
- Resistance on the way back up: $6.80 to $6.90 is the target zone on a recovery attempt.
- Signal: bullish divergence on the RSI is the key reason I am watching this one for a bounce.
Above Food Ingredients Inc. (ABVE)
Above Food Ingredients has found support above prior resistance in the $4 area and the RSI has bounced 15 plus points which gives the setup a healthy look.
- Support: above $4.
- Target: up to $6.50 by the end of next month which is basically this month high and potentially a bit higher.
Better Home & Finance Holding Company (BETR)
This chart looks like a mid move consolidation. We managed to break back above old resistance around $75 and support has formed well above the 50 day line which sits near the $40 area.
- Signal: multiple RSI 50 plus rebounds which has historically led to upside continuation.
- Target: as high as $115 by the end of next month.
Hong Kong Pharma Digital Technology Holdings Limited (HKPD)
This is a new name on my list and it looks constructive. Price appears to have broken a line of resistance from June and cleared the 200 day moving average around 1.43 as well as the 50 day.
- Key level to stay above: the $1.50 area.
- Target: a retest up to $2.50 by the end of next month.
MultiSensor AI Holdings, Inc. (MSAI)
Clear breakout here. The stock is essentially testing the old March resistance near $134 and the next area of prior supply sits around $1.80 to $1.90 from earlier in the year.
- Key close to hold: above the 200 day moving average, roughly the $1.20 zone.
- Target: the $1.80 to $1.90 range is the next logical upside objective.
Neumora Therapeutics, Inc. (NMRA)
Another new setup showing a rising trend channel base. The 50 day line is the level I am watching and the recent break back above short term resistance is constructive.
- Support to remain constructive: stay on the right side of the $2 area which has recently been broken resistance.
- Target: looking up to $3.50 by the end of next month if this ongoing move continues.
Reviva Pharmaceuticals Holdings, Inc. (RVPH)
This name has formed a rising trend channel base and produced a bear trap rebound from below the rising 50 day line. The 50 day sits around 48 cents.
- Key short term level: remain above the rising 50 day at 48 cents.
- Target: a run up to around 90 cents by the end of next month.
Rackspace Technology, Inc. (RXT)
RAX has a rising trend channel base and has broken the 200 day moving average at roughly the $1.63 level. The chart looks like it could continue back to prior support turned resistance.
- Key level: staying above the breakout through the 200 day line keeps the setup constructive.
- Target: $2.20 by the end of next month which matches the old support area from late last year.
reAlpha Tech Corp. (AIRE)
reAlpha is in the process of a rebound and yesterday it bounced just above the rising 50 day line which sits near 64 cents.
- Short term requirement: ideally stay above the 200 day line at about 83 cents on an end of day close basis.
- Targets: recent resistance around $1.30 and a stretch objective up to $1.80 by the end of next month.
374Water Inc. (SCWO)
374Water is in an extended rising trend channel base and has rebounded off the 50 day moving average near 35 cents. The RSI just crossed above the neutral 50 level which is a positive.
- Key short term level: remain above the 50 day moving average.
- Targets: retest of recent best levels towards $1.10 is the upside objective. On any pullback an initial support target in the 60 cent area is one to watch.
Summary
The big picture remains constructive for both the S&P 500 and the Nasdaq 100 with multiple RSI rebounds at or above 50 and price sitting in rising trend channels. For individual names, I am watching for signs of follow through above the 50 day and 200 day moving averages and for the RSI to remain supportive. Key targets I am watching into the end of next month include the S&P around the 7,000 zone and the Nasdaq near 26,000 to 26,500. On the stock list I am watching the specific support and resistance levels above and will look for entries on pullbacks that hold the key moving averages or on clean breakouts with volume confirmation.
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.
