Zak Mir takes a charting look at S&P 500, Nasdaq 100, AirNet, Carver, Cytokinetiks, HWH, Ionis, Katapult, Novabay, SmartKem, Yoshiharu, Zhengye, and Zentek.
In this briefing, I review the technical setups of the S&P 500 and Nasdaq, then walk through a selection of individual stock charts that are exhibiting interesting setups, breakouts, and potential targets.
As always, do your own research and treat these as chart-based observations rather than hard recommendations.
Market overview: S&P 500 and Nasdaq 100
Let’s start with the big picture. The S&P gapped down through the floor of the rising trend channel (the red line I’ve been watching) at roughly the 6,420 area. While we remain below that level there’s a risk of a move toward the 6,325 — and the worse-case scenario at the moment is a test of the 6,200 area. There’s an even deeper structural channel floor that sits closer to 6,000, but for now the immediate focus is the 50-day moving average as the first line of meaningful support. If that gets touched early this month, it would be the first time since the beginning of May.
Nasdaq has followed suit and pulled back to its 50-day moving average — the first time below that band since late April. With the RSI now below the neutral 50 mark, downside risk opens toward the 22,600 level (post-July support) while we remain below the top of the recent gap around 23,300. The negative divergence that developed in mid‑August has started to show up in price action. The constructive scenario is a bounce from current levels and a resumption of the uptrend that’s been in place since April. If we can hold the 50-day line, best-case for the near term is a move back up toward 24,500.
Stock watch: breakout setups, targets and stops
Below are the individual names I went through, with the setups, key levels and targets I’m watching. These are presented in the same order as I discussed them in the session.
ANET
ANET has followed through on the prior call and cleared the top of the channel around $4.70. While we remain above $4.70, I’m looking for a fresh leg higher that could take the shares toward the upper parallel of the rising channel — a stretch target near $8 by the end of the month. The double RSI 50 rebound gave a nice early bullish signal; maintaining the $4.70 area keeps the bullish case intact.
Carver
Carver gapped up inside a rising trend channel. The short-term pivot to watch is the resistance-turned-support near the $2.28 area; staying above that opens the path toward the top of the channel (possible target near $3.00). Ideally we start on the right side of $2 to build momentum for a sustained move.
Cytokinetics
Cytokinetics produced a big gap through the 200-day moving average at roughly $41. While above that zone the target is toward $60 by the end of the month. That’s a significant move but the chart shows the potential; my stop is defined by the low from yesterday — about $44.93 on an end-of-day close basis.
HWH
HWH continued the breakout sequence: first target at 320 was taken out and we saw a push toward the 650 level. With those moves cleared, the chart suggests another higher leg is possible. Key near-term structure is holding above prior resistance and the early‑year peak around the $4 area — staying above that keeps a move toward $8 on the radar this month.
Ionis
Ionis posted a sizable gap above the former resistance band in the $50–52.50 area. If that strength persists the upside target sits near $80 by month‑end — a big lift, but one that aligns with the momentum and the gap-volume profile we’re seeing.
Katapult
Katapult broke through recent resistance around $16.40 and is tracking inside a rising trend channel. The top of that channel is an upside target near $30 by the end of the month, provided price stays comfortably above the breakout level.
Novabay
Novabay has produced a vertical move and while the exact trajectory is a bit messy, the notional top-of-channel from the April structure points toward about $3.70. Near-term support to hold is yesterday’s session peak at roughly $2.15 — as long as price remains above that, $3.50+ scenarios are reasonable.
SmartKem
SmartKem forms a broadening triangle/basetop and is showing a constructive setup. The top of the triangle yields a target in the $3.10+ neighborhood. The chart looks bullish while the 200-day moving average (around $2.20) remains intact — above that level I’d expect a push toward $3.00–$3.50 later in the month.
Yoshiharu
Yoshiharu is a new one on the list and shows a falling trend channel with a bullish twist: a bear‑trap gap reversal and some bullish divergence. The top of the channel and the 200-day line sit around $2.31; clearing that structure puts a move toward $2.00–$2.50 (summer resistance) on the table. RSI has moved back above neutral 50, which supports the bullish case.
Zeni
Zeni is tracking inside a narrowly rising trend channel with close proximity to the 15- and 200-day lines. The RSI 50 rebound adds confirmation. The top of the range and the rising channel sit near $14 (the precise target), and the bullish thesis holds while price remains above the $10 zone. Note the wider stop parameters — there isn’t much in the way of intermediate support between $10–$10.40 and the spring highs, so risk management needs to be broader here.
Zentech
Zentech has punctured both the 50- and 200-day moving averages intraday but failed to close convincingly above the 50-day. A clean end-of-day close above the 50-day (roughly in the $0.91–$0.97 range per my chart) could trigger a retest of the $1.20 area in the coming sessions.
Near-term plan and risk management
Across the board the common themes are: (1) watching moving averages (50-day and 200-day) as dynamic support/resistance; (2) respecting prior resistance-turned-support levels after breakouts; and (3) using clearly defined stops where I’ve noted them (for example, Cytokinetics’ $44.93 end‑of‑day close stop). For the major indices, momentum indicators like RSI are signaling increased downside risk unless price can reclaim key moving average support.
My preferred price action for the indices is a clean bounce from current support areas and a resumption of the April‑onward recovery. For individual stocks, I’m focused on staying above the breakout pivots and letting winners run toward the channel tops or measured targets mentioned above.
Wrap-up
That’s the update for today. Markets are showing a mix of breakdowns (indices testing their 50-day lines) and individual breakouts (several names with fresh gaps or channel breakouts). Keep stops defined, watch the 50-day and 200-day moving averages for the broader market, and let the charts guide position sizing and trade management. I’ll be back with another update tomorrow
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.
