Zak Mir takes a charting look at S&P 500, Nasdaq 100, Aqua Metals, American Resources, BitMine, Electra, Everbright, Nexxen, Super Micro, Stardust, and SS Innovations.
In my latest market update, I run through the charts that matter: the S&P 500, the Nasdaq 100, and a selection of individual stocks showing interesting price action and momentum. Below, I summarise the technical picture, key levels to watch, and likely short‑term targets so you can see where the opportunities (and the risks) lie.
As always, do your own research and treat these as chart-based observations rather than hard recommendations.
S&P 500
The S&P had a tumble last week but it did not turn into a crash. Importantly, price remains inside the rising trend channel that’s been in place since April and has stayed above the 50‑day moving average — a sign of relative strength. The 50‑day sits roughly around 6,544.
- If we close above 6,680 on an end‑of‑day basis, the path opens toward the top of the channel, roughly 6,900 by the end of next month.
- If we break down below the 50‑day, the first target on the downside is the old August resistance near 6,490. A deeper test would be the August/September support zone around 6,350 — the current worst‑case target.
Bottom line: staying in the channel and above the 50‑day keeps the odds tilted to the upside.
Nasdaq 100
The Nasdaq saw a similar short pullback but has held the floor of its rising channel and crucially remains above its 50‑day moving average, near the 24,000 level. The market also retested the late‑September support around ~24,200, which is encouraging.
- Best‑case short‑term target: the top of the channel near ~25,500 by the end of next month.
- Extended upside: a run toward ~26,300 is possible now that the recent downside attempt has failed.
Stock watch: what I’m tracking
Below are the individual names I covered, with the technical setups, support/resistance to watch and short‑term targets.
Aqua Metals, Inc. (AQMS)
Price has reached the third target area and is bumping up against a one‑year resistance zone near the $33 mark. Given how strong the sector is right now, another push toward that area in the coming days is likely. On the downside, I’d like to see Aqua stay above recent support around $27 on an end‑of‑day close.
American Resources Corporation (AREC)
This name has accelerated inside a rising trend channel that began in April. The top of the channel points toward a $10 area — a realistic near‑term target, possibly by the end of this month — provided price remains above the recently broken resistance from earlier in the week (around $5.20).
Bitmine Immersion Technologies, Inc. (BMNR)
Despite last week’s crypto‑driven pullback, BitMine has held its rising trend channel and stayed above its 50‑day moving average (around $52). That resilience keeps a bullish case alive:
- Near‑term: move back toward the top of the recent range (around $65).
- Longer‑term (best case): upside toward roughly $95 by year‑end if momentum resumes.
Electra Battery Materials Corporation (ELBM)
This has been one of the stronger setups of late. Earlier targets were in the $2–$3 area, and the shares more than doubled at the start of the week. There was a pullback into the Monday range, but price remains on the right side of $4. If support holds, a retest of recent highs is possible.
Everbright Digital Holding Limited (EDHL)
Everbright tried to gap higher after a gap down back in July but failed to sustain that move. The name may attempt to retest the recent $1.58–$1.60 peak from last month. It’s encouraging that the stock is holding above the prior resistance on the way down (around $0.90), so a controlled re‑acceleration is a possibility.
Nexxen International Ltd. (NEXN)
Nexon printed a bear‑trap type move under the $9 area and has bounced. To regain clear upside momentum it really needs to reclaim the April resistance zone running around $9.35–$9.50 (also near the 50‑day moving average). RSI should push back above neutral 50 — that would help confirm a re‑entry into a trend higher. A few more days of price action above $9 would be helpful.
Super Micro Computer, Inc. (SMCI)
Super Micro has been in a rising trend channel for around a year. The top of that channel points toward about $67–$68 — a target into the end of next month if buyers step in. The warning here is the recent gap fill and pullback; the stock needs to establish new support quickly before moving materially higher.
Stardust Power Inc. (SDST)
Stardust is attempting to build off the lows and it’s doing so inside a rising trend channel with the 50‑day sloping up. It recently broke through resistance near $6.20 — the top of the channel maps to roughly $10.25 by month‑end if the trend keeps its shape.
SS Innovations International, Inc. (SSII)
SS appears to be breaking back above its longer‑term moving average (the 200‑day). The most important short‑term level is the recently broken resistance around $7 — if price stays above that zone it leaves the path open to considerably higher levels. RSI has shown multiple rebounds above 50, which suggests bullish internals. A move toward a $14 area would be a significant extension if momentum persists.
Key takeaways
- Major indices remain inside their rising channels and above the 50‑day moving averages — a constructive backdrop so long as those averages hold.
- Breaks above key levels (S&P ~6,680; Nasdaq ~24,000 holding) would open the door to channel highs over the next 4–6 weeks.
- Individual names show varied setups: some are retesting breakout zones (Nexon, Super Micro), others have already delivered strong moves and are digesting gains (Electra), and a few are forming early‑stage recoveries (Stardust, SS).
That’s the rundown for today. I’ll keep watching these charts and post another update tomorrow.
“Zak Mir — USA Chartbreakers”
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.
