Zak Mir takes a charting look at S&P 500, Nasdaq 100, Alector, Apollo Medical, GigaCloud, Hyperion, Jyong, MF International, Newegg, Nephros, SG Blocks, VivoPower, and Zillow.
Hi, Zak Mir here with the weekend edition of USA Chartbreakers from Zach’s Traders Cafe. In this note, I’ll walk through the S&P and Nasdaq, then run through a selection of US stocks I’m watching this week — the setups, key levels, and what I’ll be watching for next.
Quick market overview
S&P 500
The S&P started August strongly after the earlier gap down and a flush of weaker longs. We found support toward the 6,200 area (slightly higher than I’d expected) and triggered a gap-close buy signal on August 4. That signal was reinforced by an RSI 50 rebound — we’ve since seen one (or one/two) RSI 50+ rebounds which suggests enough momentum to retest all-time highs.
Key levels to watch:
- Short-term peak to retest: 6,427
- Upper range (rising trend channel): potentially up to ~6,600 — could happen by the end of August or into next month if momentum holds
- Alternate channel support (narrower channel interpretation): ~6,270
Bottom line: with the RSI behavior and the gap-close buy signal, the S&P looks constructive into the coming weeks provided it holds above the support areas noted above.
Nasdaq 100
The Nasdaq has been fractionally stronger than the S&P. The high at the end of last month was 23,176 and Friday closed at 23,611. While price remains above the initial August support and the floor of the rising channel (about 22,800), 24,000 looks like a near-term objective.
Key point: we’ve seen two RSI 50 rebounds — that’s been acting as a leading indicator for upside continuation here.
Stocks on my watchlist
Below I run through individual charts and the triggers I’m watching — specific support/resistance levels, moving-average relationships, and RSI confirmations where relevant.
Alector
Pattern: rising trend channel.
Notes: The top of the channel is toward the $27–$28 zone and the shares have pushed through the 200-day line (around $1.97 in my chart). That’s normally a bullish sign — while we stay above the 200‑day line I’m looking for the channel top (~$28) before month-end.
Apollo Medical
Pattern: broadening triangle with a recent gap higher (bear trap) after a gap down in February.
Notes: The gap higher suggests a reversal and a wrong-footed bear group. Top of the channel target: $36. Key condition: stay above recent resistance on an end-of-day close around $27 (some traders might use $26). Friday’s close keeps this on the right side, so the $36 target is on the board for this month if momentum continues.
GigaCloud
Pattern: gap through resistance — a solid break.
Notes: The top of the channel is heading toward $36. Key support to hold is the old November resistance, roughly $26.50 on an end-of-day close. If that holds, $36 by month-end is a reasonable target.
Hyperion
Pattern: rising trend channel since May.
Notes: The upper parallel is heading toward the $18–$20 area. Immediate support is around the $5.30 region. If you want confirmation, wait for an end-of-day RSI back above 50 (it’s about 46 at the moment) and an end-of-day close above the area of the 50- and 200-day moving averages (around the $8 zone on my chart). But while price stays above ~$5.30, the upside is the favored path.
Gong
Pattern: strong rising channel (big chart).
Notes: Approaching an initial target around $50 (top of the rising channel from June). The upper parallel pushes higher — potentially into the low $60s ($62–$63) by month‑end if we can keep above Friday’s mid-range (~$39).
MF International
Pattern: V-shaped bull flag breakout through a neckline at $30.
Notes: This is a standout setup — a steep ascent is plausible with the unfilled gap to the upside and the push through neckline resistance. A target of around $64 by the end of next month is possible. Caveats: price is well above the 50- and 200-day lines, so manage risk accordingly. The RSI has shown a double dip above neutral 50, which is a strong leading indicator for continuation while above $30.
Newegg
Pattern: breakout above a rising channel top around $72.
Notes: Above $72 we can aim for the upper parallel of the channel — possibly into the mid‑$70s to $80s area by the end of next month (and possibly sooner). The RSI has produced multiple rebounds above neutral 50 since early June — another positive leading sign.
Nephros
Pattern: neckline break at $3.80.
Notes: With the neckline taken out, the top of the rising trend channel from December could be as high as $6 by the end of next month. Friday provided a gap-close buy signal (closing the gap around $3.40) and closed above the 50-day line (~$3.64). The RSI has also pushed above neutral 50, which supports the bullish argument while price stays above the $3.80 area.
SG Blocks
Pattern: bear-trap island reversal (gapped down then gapped up).
Notes: This is a punchy chart and, while it’s riskier, staying above the top of the latest gap (~$27) opens a path back toward recent resistance near $60+. That’s an aggressive target for month-end; if you prefer confirmation, wait for the RSI back above 50 (it’s about 42 right now).
VivoPower
Pattern: rising trend channel (a bit messy).
Notes: There was a bear trap below $4 at the turn of the month but shares have cleaned up, leaving an unfilled upside gap and a close above the 50-day (~$5). Above $5, look for a move up to the mid‑single digits — $8.50 or even $9 by the end of next month if momentum continues.
Zillow
Pattern: potential breakout from a rising trend channel in place since April.
Notes: The favored top-of-channel estimate is up toward roughly $115. We already had a gap-close buy signal — key short-term support is $77. If you’re cautious, wait for an end-of-day close back above the gap area (~$85.50) before adding risk. If support holds, the path higher remains intact.
Trade-management checklist
- Watch RSI for rebounds above neutral 50 — I treat that as a leading indicator for continuation on many of these names.
- Confirm key levels on an end-of-day close (especially for entries around recent resistance/support zones).
- Note moving-average relationships — staying above the 50- and 200-day lines adds conviction to many of the setups.
- Respect gap mechanics (gaps that close can turn into buy signals; bear-trap gaps that reverse can be strong continuation clues).
Summary
Overall the market looks constructive heading into the week. The S&P and Nasdaq both show momentum with RSI behavior and gap-close signals supporting further upside. The individual charts discussed — from Alector and Apollo Medical to MF International and Zillow — present a mix of breakout and trend continuation setups, each with clear levels and confirmation cues.
As always, focus on structure: hold above the support zones and wait for RSI/closing confirmations if you prefer lower-risk entries. I’ll be watching these names closely and will publish updates over the coming week.
“More updates coming during the new week — stay tuned and manage risk.”
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.
