Zak Mir takes a charting look S&P 500, Nasdaq 100, Beeline, Cardlytics, Cel-Sci, Celularity, Children’s Place, DDC, ESS, Faraday Future, Invo, Krispy Kreme, Kohl’s, Ten-League, Zevra.
Major Index Overview: S&P 500 and Nasdaq 100
S&P 500 Approaches Critical Resistance
The S&P 500 is currently testing the upper boundary of a broadening triangle pattern formed since May last year. The key level to watch is around 6380. Zak suggests monitoring this level over the next couple of weeks, as the index attempts to break through this long-term resistance.
On the downside, maintaining support above 6200 is crucial. This level has acted as solid intraday support recently, and staying above it will be important to avoid a deeper pullback.
Nasdaq 100 Encounters Rising Wedge Resistance
The Nasdaq 100 recently touched the top of its own broadening triangle near the 23,200 mark but has since pulled back slightly. A potential rising wedge pattern is forming, which could signal weakness if broken down.
However, holding above 22,900—the floor of a rising trend channel established in May—would be a positive sign. If sustained, the Nasdaq could push toward the channel’s upper boundary near 24,200 to 24,500, possibly by the end of next month.
Stock Spotlight: Promising Setups and Targets
New Entrants and Chart Breakouts
- Beeline Holdings: Exhibiting a classic inverted head and shoulders pattern combined with a saucer formation. The neckline sits around $170, with a bullish target near $400 expected by the end of next month or sooner.
- Cardlytics: Recently gapped above resistance at $230. The next target is around $370, with pre-market action at $327 suggesting an upgrade might be warranted soon.
- Salai: After a failed breakout attempt, the stock is making another push near the channel top at $7. Staying above the 50-day moving average at $3.46 will be key to reaching the target by next month.
Frequent Flyers and Established Names
- Celularity: Recently hit the channel top at around $430 with resistance looming near $520. To maintain upward momentum, the stock needs to hold above the previous resistance turned support at $340.
- Children’s Place: Showing a gap-fill buy signal near $6.60 with a target of $12 by next month. The stock is currently testing resistance at $7.20, and a strong close above this level is needed to confirm the breakout.
- DD Enterprise: After hitting multiple target lines recently, the stock is trading around $18 in pre-market. A fresh upside leg aiming for the old support area near $28 is anticipated, with support at $18 critical for this move.
Rising Trend Channel Plays
- ESS Technology: Broke above the 50-day moving average at $1.55 and is trading within a rising trend channel. The upside target is near $2.36 by next month, provided it remains above the 50-day line.
- Faraday Future: Approaching the top of a rising trend channel around $4.20. The stock must hold above recent resistance near $2.60 to reach this target.
- Krispy Kreme: Exhibiting a strong turnaround in a rising trend channel. The stock is close to filling a gap up to $4.30, with a longer-term target above $5.30. Support at $3.50 is essential to maintain momentum.
Other Noteworthy Stocks
- Invoertility: Bouncing off the floor of a falling trend channel. A decisive close above the 50-day moving average at $44 would open the door to a target near $6 by next month.
- Kohl’s: After a big spike, the stock is now at a critical juncture. Holding above $12.50 on an end-of-day basis could lead to a retest of the $20+ level within the next month.
- Ten-League: Potentially forming a rising trend channel with a near-term target of $9, contingent upon staying above resistance around $5.70.
- Zebra: After a strong run, the stock faces resistance near $13 from last year. Breaking above this level on a daily close could see it push toward $16 by the end of next month.
Conclusion: Watching Key Levels for Breakouts and Support
Overall, the U.S. market appears poised at critical technical junctures. The S&P 500 and Nasdaq 100 are both testing significant resistance levels formed over the past year, with the potential for meaningful moves if these breakouts hold. Individual stocks present a mix of exciting opportunities, with several showing classic chart patterns and strong momentum signals.
For traders and investors, staying alert to support levels—such as the S&P’s 6200, Nasdaq’s 22,900, and various stock-specific moving averages—will be essential. These technical markers will help determine whether the market and individual names can sustain their upward trajectories or face pullbacks.
By focusing on these insights and targets, market participants can better position themselves for potential gains over the coming weeks.
