In this comprehensive market overview, Zak Mir delivers a detailed technical analysis of key US indices and selected stocks, offering valuable insights into current trends, support and resistance levels, and the likely price movements in the weeks ahead.
His expertise enables investors and traders to navigate the dynamic market environment with a clear focus on momentum indicators, such as RSI and moving averages, while highlighting critical price zones to watch. Below, we break down Zak’s observations and outlook for the S&P 500, Nasdaq, and a curated list of promising stocks.
Market Overview: S&P 500 and Nasdaq
S&P 500: Slight Pullback After Early July Rally
Following the pre-July 4th rally, the S&P 500 has experienced a modest pullback. Zak points out potential support around the 6,180 level, which coincides with previous resistance from February at 6,145. He does not expect the index to fall below this support, especially considering the usual cautious stance on tariffs by political leadership. As for the upside, Zak’s best-case scenario targets a rise to 6,350 by the end of July, signaling a cautiously optimistic outlook.
Nasdaq: Nearing Key Resistance Levels
The Nasdaq is hovering close to the 23,000 mark, with the current price just above 23,100. This level has been a target for the month, and while some pullback is possible, Zak doesn’t anticipate a drop below 22,300. There is a note of caution due to a bearish divergence between the recent higher highs and the RSI indicator, suggesting some short-term weakness. However, overall, the expectation remains for the index to hold firm above these critical support levels.
Stock Highlights: Momentum and Key Price Action
Zak focuses on a selection of stocks showing promising technical setups, many of which have been featured in recent analyses, reinforcing their potential.
Asset Entities (ASET): Bear Trap and Rebound
Asset Entities has shown a strong bear trap rebound from below its 50-day moving average and May support levels. The price has bounced above $5.23, with an optimistic target of retesting the $10+ area within the next couple of weeks. Initial resistance is seen around $8.60, while a drop below recent support near $3.80 would challenge the recovery thesis.
Artilo (ARTL): A Pivotal Price Level at $13
Artilo’s chart is described as “crazy,” but the $13 mark serves as a pivotal price point. Holding above this level favors a push towards $20, while dipping below could lead to a retest of the $10 zone. The RSI has shown resilience by bouncing above the neutral 50 level, supporting a bullish bias for now.
ABBC (ABBC): Rising Trend Channel in Focus
ABBC continues to perform well within a rising trend channel established since February. Zak highlights a target of $4.50 at the channel’s top, with the current price holding above the mid-range support of $3.50. This technical structure suggests room for further gains in the near term.
Carbon Revolution (CBR): Steady Uptrend
Carbon Revolution is trading in a rising trend channel with a top target of $5.60 by month-end. Crucially, the stock remains above its 50-day moving average at $2.97, supporting the bullish outlook.
Energy’s Group (ENGY): Tight Price Action Setup
Though the chart lacks extensive data, Energy’s Group is forming a rising trend channel with a top target around $4.10. The stock needs to stay above recent resistance near $2.00 to maintain this setup.
Calvista (CALV): Strong Breakout Momentum
Calvista has gapped up through resistance at $14.80, a classic bullish signal, and Zak expects the stock to reach $17.60 by the end of July. This breakout reflects solid upward momentum from a rising trend channel dating back to September last year.
Mustang Bio (MBIO): Broadening Triangle and Support Levels
Mustang Bio is trading within a broadening triangle around $3.30, which is a critical support level. The stock previously spiked toward January resistance at $7.00. A fall below $3.30 would risk testing the gap floor near $2.00, which might present a strategic entry point depending on price action.
Sciata (SCIA): Volatile Ride with Key Moving Average Support
Sciata has experienced volatile swings, hitting a second resistance target before sharply retreating. The near-term goal is $5.60 while maintaining support above the 50-day moving average at $2.66. Zak suggests focusing on price action staying above $3.00 to sustain the recovery.
T Stamp (TST): Breakout and Saucer-Shaped Turnaround
T Stamp displays a classic rising trend channel and a clean breakout above May resistance at $3.00. The stock is poised to reach the top of its channel at $5.20 by month-end, supported by a well-formed saucer pattern indicating accumulation.
Vore Biopharma (VORE): Bullish Bear Trap Island Reversal
Vore Biopharma is currently “flying,” characterized by a bear trap island reversal with a gap down followed by a strong gap up. The target is $4.30 by the end of next month, with the stock remaining above prior resistance near $2.40.
Vivo Power (VVPR): Volatile Rising Channel
Vivo Power trades within a volatile rising channel, aiming for $10.00 by the end of next month. The key support level is the 50-day moving average at $4.66, which must hold to maintain the bullish momentum.
Wolfspeed (WOLF): Falling Channel with Bear Trap Recovery
Wolfspeed is in a falling trend channel, with a top target near $3.70. The stock has demonstrated a bear trap high in reversal, with a gap down in May followed by a gap up recently. Staying above the 50-day moving average at $2.15 is crucial, with dips to this level potentially offering buying opportunities. Zak is hopeful that $4.00 will serve as a minimum upside target rather than a ceiling.
Conclusion: Staying Alert to Key Levels and Momentum
Zak Mir’s technical analysis underscores the importance of monitoring critical support and resistance levels across both major indices and individual stocks. Momentum indicators like RSI and moving averages provide valuable signals for potential entry and exit points. While some short-term pullbacks and divergences are evident, the overall tone remains cautiously optimistic with several stocks positioned for significant upside moves.
For investors and traders, the coming weeks will be pivotal in confirming whether these technical patterns translate into sustained rallies or if further corrections lie ahead. Combining this charting insight with broader market context and fundamental analysis will be key to making informed decisions in this evolving market landscape.
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.
