Zak Mir takes a charting look at S&P 500, Nasdaq 100, Alpha Technology, Clene, Cognition, CNS, Guess, Jupiter, Kavel, Newegg, Pop Culture, Rave, and Zhengye.
In today’s update, I walk through the S&P 500 and Nasdaq 100 technical picture, then run through a selection of individual names that are showing tradable setups — some repeats and some fresh names. Below, I summarize the key levels, targets, and what I’d be watching next.
Market Overview: S&P 500
The S&P remains inside the rising trend channel we’ve been tracking since April. Despite a visually ugly negative RSI divergence earlier, price has held within the channel rather than breaking down. The nominal channel floor sits around 6,380; on the upside I’m still looking for as high as roughly 6,720 by the end of next month.
Key levels and signals:
- 50-day moving average: 6,254 — an obvious potential support/test.
- RSI: still above neutral at 56, which suggests the market has a bit more internal strength than the divergence alone implied.
- Immediate caution: if price fails the channel and loses the 50-day line, expect a deeper retest of support.
Market Overview: Nasdaq 100
The Nasdaq has looked vulnerable during the pullback in AI-related names, but mechanically the market is still defending early-August support in the 22,600 area. The 50-day line sits around 22,800, and price had bounced above it but has since pushed back below RSI 50.
Key context:
- Post-July support near 22,600 is the immediate line in the sand — while we remain above that, the downside is limited.
- We saw a “bull trap” breach of July resistance plus a negative RSI divergence that did predict some of the downside we’re seeing.
- Watch for clean reclaims of RSI 50 and the 50-day average for a healthier upside case.
Stocks to Watch
Below are the individual setups I discussed — each entry includes the current technical context, what to watch for, and upside targets over the coming weeks.
Alpha Technology
- Current context: near the top of a channel around the $30 area.
- Support: resistance-turned-support on dips around $28 and the $20 area below that.
- Target: looking toward $40 within the next one to two weeks if momentum holds.
Clene
- Current context: just broke above the prior resistance near $5 (post-February resistance).
- Target: the top of a broadening-triangle target near $7.60 by the end of next month.
- Condition: holds above $5 to keep the breakout constructive.
Cognition Therapeutics
- Current context: finding support above the old target near $1.50.
- Target: looking up to $2.40, potentially as soon as the end of this month if we stay above $1.80 over the next few sessions.
- Momentum: multiple RSI-50 rebounds have helped support this move.
CNS Pharmaceuticals
- Current context: contained in a broadening structure after trying to reverse a falling wedge.
- Key hurdles: needs to break the May resistance line and get back above RSI 50 to confirm a clean turnaround.
- Support and target: recent broken resistance sits near $6.20 — while above that I’m looking toward roughly $15 by the end of next month if the breakout completes.
Guess
- Current context: trying to clear tough resistance around $13.80.
- Targets: if it can clear that zone, the top of the rising trend channel projects as high as $22; a more conservative intermediate target is around $18 if the $14 zone is taken out.
- Support: keep an eye on the 50-day $12.85 and the recent RSI-50 rebounds that suggest underlying momentum.
Jupiter
- Current context: rising trend channel; we’ve seen a decent close above recent resistance near $1.50 (and above the rising 50-day).
- Target: can potentially reach $3.00 by the end of next month if we continue to log end-of-day closes above $1.50 and reclaim RSI 50.
- Condition: sustained closes above the resistance and RSI-50 are the bullish confirmation.
Kaival
- Current context: turnaround idea — recently cleared the $1 resistance area.
- Target: top of the mildly descending channel near $1.40 by the end of next month (or sooner).
- Support: remaining above the recent broken resistance near $0.86 keeps the bullish case intact.
Newegg
- Current context: one of the year’s stronger stories — moving from strength to strength.
- Target: currently on the second target at about $110; looking toward $160 by the end of next month.
- Support: stay on the right side of $100 on intraday dips; multiple RSI-50 rebounds preceded the current rally.
Pop Culture
- Current context: bounced off the 200-day moving average and cleared resistance near $0.90.
- Target: the top of the range/rising channel projects toward $1.90 by the end of next month.
- Momentum: several RSI-50 bounces since last month support the bulls.
Rave Restaurant
- Current context: breaking out of congestion near $3.20.
- Target: looking for $4.00 by the end of next month, possibly sooner if momentum accelerates.
- Technical note: watch how the 200-day starts to catch up with the 50-day — that convergence can help sustain the move.
Zhengye
- Current context: bull-flag breakout through roughly $8.40.
- Target: the top of the ascending channel near $15 by the end of next month.
- Confirmations: both 50- and 200-day moving averages are rising in parallel and we’ve seen RSI-50 rebounds — that’s constructive.
What I’m Watching Next
Across the board, the common themes to monitor are: price behavior around the 50-day moving averages, how RSI 50 is treated (reclaims vs. failures), and whether key resistance levels are taken out with clean closes. For the indices, holding early-August support (Nasdaq 22,600) and the S&P channel floor (6,380) would keep the broader uptrend intact. On individual names, position management around the support levels listed above is crucial — a failure to hold those levels would require reassessing the trade.
“”RSI still above neutral 50 at 56 … gives the market a little more strength than one might have imagined.””
Conclusion
That’s the roundup for August 21. A mix of tested winners and actionable breakout setups — many of which are repeats showing follow-through. I’ll be watching the 50-day lines and RSI behavior closely into the coming sessions. 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.
