Zak Mir takes a charting look at S&P 500, Nasdaq 100, Astera, CryoPort, Claritev, Cosmos Health, eHealth, Grocery Outlet, Holley, Myriad Genetics, Uber, ViaSat, Zeta.
Welcome to a comprehensive market update where we delve into the latest movements and trends across the S&P 500, Nasdaq 100, and a selection of promising stocks. This analysis, inspired by Zak Mir’s expert charting insights, offers a detailed look at key technical levels, potential price targets, and support zones to watch as we navigate August’s trading landscape.
Market Overview: S&P 500 and Nasdaq 100 in Focus
The S&P 500 has re-entered a rising trend channel, signaling potential upward momentum. While pinpointing the exact floor of this channel can be debated, a conservative estimate places it near the 61.60 level, close to the 50-day moving average currently at 61.60. The index has shown resilience by closing above the gap top around 63.30, suggesting room for further progress.
Looking ahead, the best-case scenario sees the S&P 500 reaching the upper boundary of its trend channel at approximately 66.00 by the end of August. However, recent developments such as chip tariff news introduce some caution, making this target ambitious. On the downside, support near 62.00 remains a critical floor, and prices are unlikely to dip below the channel’s base without a significant shift in market sentiment.
The Nasdaq 100 also presents a bullish picture, having closed a gap a few sessions ago near the 23,200 level. The index is trending towards the channel’s top around 24,000, a target that seems attainable by month-end. Support lies near 22,600, with a crucial test at the 50-day moving average around 22,400. The relative strength index (RSI) hovering near 60 reinforces the Nasdaq’s enthusiasm to push into new highs, potentially outperforming the S&P 500.
Stock Highlights: Breakouts and Rising Channels
Astera
Astera shares have broken above the top of their rising trend channel near $161, indicating strong momentum. The stock looks poised to push higher towards the channel’s upper boundary from December, targeting around $230 by the end of August. Key support lies at yesterday’s $160 level, which must hold to maintain the bullish outlook.
CryoPort
CryoPort is exhibiting healthy price action, gapping through recent resistance at $9. A sustained close above this level could pave the way for a move up to $12 by month’s end. Meanwhile, maintaining support above late June’s $8 resistance remains important for this potential rally.
Claritev
Claritev continues to trade within a rising trend channel established since December, aiming for the top near $65. The stock is comfortably above the recently broken resistance at $45. Should it falter, a retest of the channel floor near $40 could occur, but staying above $45 is the preferred scenario for further gains.
Cosmos Health
A new name on the radar, Cosmos Health has made a notable breakthrough, closing near the midpoint of its range and challenging resistance at $1.05. The target is $1.50 by the end of August, coinciding with a one-year resistance level. Both the 50-day and 200-day moving averages are rising and hint at a potential golden cross, which would be a bullish technical signal.
eHealth
eHealth has demonstrated a bear trap cap reversal after dipping below September support around $3.50. It has since reclaimed ground above recent resistance near $4.50. The stock’s next challenge is the top of its falling trend channel and the 200-day moving average, approximately $6.30, which may be tested within August.
Grocery Outlet
Grocery Outlet surged through resistance at $17.80, closing near the high of its recent gap-up. The stock could reach $23 to $24 by the end of September, with the possibility of accelerating gains given its strong momentum.
Holley
Another newcomer, Holley, has broken above its 200-day moving average near $2.50. The stock eyes the top of its February range around $3.00, potentially hitting this target before August concludes. This breakout marks a significant turning point following multiple upward gaps earlier in the year.
Myriad Genetics
Myriad Genetics has been on a downward trajectory but shows signs of reversal. The rising 50-day moving average and an unfilled gap from previous lows suggest a minimum target of $6.40. Breaking this could open the door to $10 and the 200-day moving average by the end of September. Holding above the 50-day line near $4.78 is crucial for this bullish turn.
Uber Technologies
Uber continues its steady climb within a rising trend channel, targeting around $104 at the top. Support is initially around $82, with the channel floor near $86. After a sideways move, the stock needs to hold this floor and ideally break past resistance at $91 before considering new entries.
ViaSat
ViaSat boasts one of the strongest charts, with a sharp gap-up and sustained price strength. The stock aims for the top of its January channel near $35 by month-end while maintaining support above $24 from recent trading ranges.
Zeta Global
Zeta Global has impressively broken through both the 200-day and 400-day moving averages. Support around $18 aligns with these moving averages, providing a solid foundation. The stock could reach $26 by the end of September, supported by RSI rebounds and multiple bounces off the rising 50-day moving average.
Conclusion: Navigating August with Confidence
August presents a landscape of opportunity across major indices and select growth stocks. The S&P 500 and Nasdaq 100 are both positioned within rising channels, with the Nasdaq showing particular strength. Individual stocks such as Astera, CryoPort, and Cosmos Health demonstrate promising technical setups with clear resistance breakouts and well-defined targets.
Investors should watch key support levels closely, including moving averages and trend channel floors, to manage risk effectively. While some stocks face challenges from recent macroeconomic news, the overall technical outlook remains constructive, suggesting potential for meaningful gains as the month unfolds.
Stay tuned for ongoing updates and keep a close eye on these chartbreakers as they navigate the evolving market terrain.
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.
