Zak Mir takes a charting look at S&P 500, Nasdaq 100, Alpha Technology, CCH, Epsium, Magnitude, Mobile-Health, Nutex, PACS, Planet Green, Tyra, and Workhorse.
Today’s tone is defensive. The S&P 500 and Nasdaq 100 both posted key reversals to the downside, leaving momentum shaky and opening the door to further weakness over the next few sessions. Momentum indicators are signaling vulnerability rather than a sustained sell-off, so short-term traders should be alert for a day or two more downside while keeping an eye on the key levels outlined below.
As always, do your own research and treat these as chart-based observations rather than hard recommendations.
S&P 500: below the rising channel, downside risk to the summer support zone
The index failed at the 50-day line near 6711 and closed below the notional floor of the April rising trend channel (drawn while the index was above 6600). That leaves the path of least resistance toward the August–September support zone around 6360 if sellers keep control.
On momentum, the RSI failed just under the 40 level. That does not yet indicate an oversold washout, so another day or two of downside is possible before buyers reassert themselves. External news flow, including geopolitical developments, could easily change the setup, but for now the technical picture is defensive.
Nasdaq 100: key reversal — a narrow escape clears the path higher
The Nasdaq 100 also produced a key reversal to the downside. Short-term support sits near the old resistance area around 23,800. Ideally the market holds an end-of-day close above 24,000; doing so preserves the chance of resuming the April rising trend channel. Failure to hold that level risks a slide toward the August–September support just under 23,000.
RSI sits around 35, not yet oversold, so a day or two more pullback is in the cards. A clean recovery back above 24,500 would be the technical trigger to get the index “out of jail” and back into bullish territory.
Stock setups to watch
Several individual names are showing interesting chart behavior. Below are concise trade-ready observations: patterns, immediate support, targets and suggested stop reference points.
Alpha Technology Group Limited (ATGL)
- Pattern: broadening triangle base since February; the stock gapped higher recently.
- Momentum: RSI bounced around the 50 level.
- Key levels: gap support just under $19.30. A conservative confirmation would be an end-of-day close back above the 50-day line ~$21.50 or the 200-day moving average just under $25.00.
- Target: upside reconnection to the top of the triangle near the $40 area over coming weeks if the gap holds.
CCH Holdings Ltd (CCHH)
- Pattern: rising trend channel since early last month.
- Key levels: support near $6.00. Channel top around $14.00 as a potential target into year end.
- Comment: with limited chart history, manage position size and treat the channel boundaries as the roadmap for targets and risk.
Epsium Enterprise Limited (EPSM)
- Pattern: recently broke out of a triangle formation around the breakout area.
- Support: latest support referenced near the $2.00 area.
- Target: best case scenario calls for a move toward roughly $5.00 in the coming days if momentum continues.
Magnitude International Ltd (MAGH)
- Performance: the stock has been a standout mover and has already cleared the first target near $3.20.
- Target: secondary target now near $5.70, which could be reached in a matter of weeks or sooner given current strength.
Mobile-health Network Solutions (MNDR)
- Pattern: broadening triangle base with a gap up that looks like a bear-trap reversal.
- Key levels: yesterday’s support area around $2.30 is the short-term reference. The 50-day line sits slightly above the current close around the $3.10 area.
- Target: a push to $5.00 by year end is in play if the stock clears the 50-day line.
Nutex Health Inc. (NUTX)
- Pattern: rising trend channel. Recent resistance around $135.
- Target: top of the channel near $170 over the next two to four weeks if the breakout above resistance holds.
PACS Group, Inc. (PACS)
- Action: the stock gapped considerably higher and has already exceeded a prior target near $18.60.
- Target: upside potential toward around $36.00, though the rapid run suggests a possible cooling-off period before new highs can be established.
- Risk management: consider partial profit-taking after a fast move and tighten risk if price action shows signs of distribution.
Planet Green Holdings Corp. (PLAG)
- Pattern: rising trend channel with the top of the channel drawn modestly above current levels.
- Key levels: recent resistance around $2.85 is a short-term pivot. A break above that should extend the trend toward the channel top near the $4.25 area.
Tyra Biosciences, Inc. (TYRA)
- Pattern: steady progression in a rising channel since April.
- Key levels: initial resistance near $17.25. A sensible stop reference would be half of yesterday’s range around $18.50 if you’re using a wider money management band.
- Target: upside to roughly $27.40 provided the structure holds.
Workhorse Group Inc. (WKHS)
- Pattern: broadening triangle base. The 50-day line is the obvious pivot here and must be reclaimed for the bullish case to resume.
- Key levels: recent broken resistance sits near $0.85; reclaiming the 50-day would point toward a move to about $1.40 by the end of next month.
Risk management and practical notes
When momentum weakens across the major indices, selectivity matters. Focus on names with clean chart structure and clear support levels. Use the levels above to define position entry, profit targets and stop references. Rapid moves often produce sharp retracements; partial profit-taking and tighter stops will help protect gains.
“What will get this market out of jail? Probably back above 24,500.”
Watch the indices first. If the S&P and Nasdaq stabilise and close back above their critical moving averages, many of these individual setups will have a clearer path
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.
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