Zak Mir takes a charting look at S&P 500, Nasdaq 100, BioNexus, Biohaven, FTAI, Global Industrial, iSpecimen, Safe and Green, Smart Digital, SuperX, 707, and Top Wealth.
Market Overview: S&P 500 and Nasdaq 100
The S&P 500 is currently at a critical juncture, holding an uptrend line that has been in place since April. This support level sits around 6,310, and maintaining above it is crucial for the index to continue its upward trajectory. Should the S&P slip, the next support to watch is the initial resistance from early July at 6,285. Zak highlights that staying above this level keeps the door open for a move to the top of the channel, which could reach approximately 6,600 by the end of August. On the downside, the 6,200 area from July provides another potential support zone.
Meanwhile, the Nasdaq 100 appears to be outperforming the S&P, still trading comfortably within its rising trend channel established since April. The top of this channel points to a target of around 24,200 by the end of next month. Support lies near the floor of the channel, around 22,900, which will be a key level to watch for maintaining the bullish momentum.
Stock Highlights: Volatility and Recovery Potential
BioNexus
BioNexus has been notably volatile this month, experiencing a gap down followed by a gap up. Importantly, shares recently closed above a key resistance level near $7, closing at $7.05. Zak anticipates that if the stock can hold above this level on an end-of-day basis, it could retest July’s peak levels near $10 or higher.
Biohaven (BHVN)
Biohaven is currently in a falling trend channel but has shown signs of a bear trap gap reversal. The stock has already broken through its rising 50-day moving average at $14.78. If this momentum continues, the upper end of the channel and recent range, around $21, might be achievable by the end of August.
FTA Intermediate (FDAI)
FDAI has recently touched the top of its rising trend channel, with an initial target around $147.50. An end-of-day close above this level could open the door for a substantial upside move, potentially reaching as high as $190 by the end of next month. A key support level to maintain this bullish outlook is the old June resistance near $136.
Global Industrial
Global Industrial has experienced a second gap higher recently, successfully filling a gap dating back to October near $32. Zak expects the stock to aim for the top of its rising trend channel, which could push prices as high as $45 to $46 by the end of August.
iSpecimen
iSpecimen is showing signs of a strong recovery, having broken recent resistance at approximately $124. Zak is optimistic about the stock reaching $180 by the end of September, allowing the shares time to build momentum.
LendingClub
LendingClub has seen a significant gap up and continues to fill previous gaps from earlier in the year. The focus now is on an end-of-day close above $16, which could propel the stock toward the top of its rising trend channel near $19 by the end of next month. On the downside, $13.60 stands as a potential entry point if a pullback occurs. Notably, the 15-day and 100-day moving averages are both rising, hinting at a possible golden cross formation.
Safe and Green
Safe and Green has delivered impressive results, rising 53% recently and hitting the top of its channel at $196. Zak views this as a strong setup for a fresh leg higher, possibly reaching as much as $350 by the end of September. Maintaining support above the 200-day moving average near $166 is essential to this bullish outlook.
Smart Digital (SDM)
Smart Digital has been a steady performer, moving slowly within a rising trend channel since April. The target price is around $42 by the end of next month, with solid support near $20. This slow-burn approach suggests a stable upward trajectory.
SuperX
SuperX has exceeded expectations by reaching its second target, the upper parallel of its rising trend channel. While the initial target may have been set slightly too low, with a high of $29.64 recently, the next potential target now lies near $37. This sets up an exciting opportunity for further gains if momentum continues.
707
707 is trading within a rising trend channel, supported by both rising 50-day and 200-day moving averages. Zak projects a move toward the $8 level by the end of next month, highlighting a positive technical setup to monitor.
Conclusion: Key Levels and Targets to Watch
As we move into August, the technical setups across major indices and individual stocks suggest cautious optimism. The S&P 500 and Nasdaq 100 are both holding critical support levels within their respective rising channels, indicating potential for further gains if these supports hold.
Among individual stocks, several names stand out for their dynamic movements and recovery potential—from BioNexus and Biohaven’s volatility to Safe and Green’s impressive breakout and SuperX’s strong rally. Keeping an eye on key resistance and support levels, as well as moving average crossovers, will be crucial for traders aiming to capitalize on these opportunities.
Staying informed and disciplined with entry and exit points based on these technical analyses can help traders navigate the evolving market conditions effectively. With targets set for the coming weeks and months, there are plenty of exciting developments to watch in the USA Chartbreakers space.
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.
