Welcome back, trader. Today’s charts show tightening trends and clearer breakouts. Let’s dive in to your SPY, USO, GLD, BTC, and XRP technicals with updated trading setups:
Greg..Serious issues in the UK..S The government is implementing more draconian measures concerning crypto purchases and regulations...individuals are borrowing from banks to purchase crypto/BTC..from various platforms..as far as propaganda concerning financial issues it,s the same old bull shit.
I like the "Summary" thank you!
🗓️ Tuesday, May 6th, 2025 — Market Flight Plan 🦅💹
Welcome back, trader. Today’s charts show tightening trends and clearer breakouts. Let’s dive in to your SPY, USO, GLD, BTC, and XRP technicals with updated trading setups:
🟦 SPY (S&P 500 ETF)
🔺 Trend: Upward trend continues with breakout above key resistance 💥
📏 Price Action: Closed above resistance — now using it as support
📈 SMAs: Holding above 9/18-day = trend strength
🧲 Momentum: MACD rising, RSI approaching 65 = bullish but not extreme
🔊 Volume: Steady — no major red flags
🎯 Bias: Cautiously Bullish
📌 Trade Idea: Buy SPY May 31 $570 Call
📆 3+ weeks of time gives room for continuation. Trail stop near $560.
🛢 USO (Crude Oil Fund)
📉 Trend: Bearish — lower highs and lower lows still in play
📉 SMAs: Below both 9-day and 18-day = momentum against bulls
📊 MACD: Negative and widening = sellers in control
📉 RSI: Hovering ~40 = weak, but not deeply oversold
📉 Volume: Bearish tilt still present
🎯 Bias: Bearish
📌 Trade Idea: Buy USO May 31 $62 Put
🧊 Look for rejection near $64. Use $65 as a risk guardrail.
🪙 GLD (Gold ETF)
✨ Trend: Strong uptrend, just broke out of consolidation
📈 Price: Higher highs + support from 9/18-day SMAs = breakout validated
📊 MACD: Bullish and accelerating
📈 RSI: Rising toward overbought, but momentum is clean
📊 Volume: Uptick on breakout = conviction
🎯 Bias: Bullish
📌 Trade Idea: Buy GLD May 31 $315 Call
🚀 This is a trend-following breakout play. Manage with a trailing stop under ~$305.
₿ Bitcoin (BTC/USD)
💹 Bias: Bullish (Short-to-Medium Term)
📈 Structure: Still holding higher lows; trendline intact
📊 MACD: Curling up
📈 RSI: Around 55-60 = momentum picking up
🔍 Watch: Resistance zone at ~$66.5K–$68K
🧠 Could break out with macro tailwind — look for confirmation on volume surge.
✖️ XRP (Ripple)
📉 Bias: Bearish to Neutral
📉 MACD: Flat to weak
📉 RSI: Stuck mid-range, showing no bullish divergence
📉 Volume: Still muted
📏 Price: Below key short-term support = trend unclear, weak
🧊 No strong technical catalyst yet. Could drift lower unless volume reverses.
🧭 Summary:
Ticker Bias Trend Trade Idea
SPY Cautiously Bullish Breakout above resistance Buy May 31 $570 Call
USO Bearish Lower highs/lows Buy May 31 $62 Put
GLD Bullish Fresh breakout Buy May 31 $315 Call
BTC Bullish (ST–MT) Trendline holding Watch $66.5K for breakout
XRP Bearish (ST) Neutral/No momentum Stay out or short rallies
Want charts with support/resistance levels and implied volatility overlays?
Please
All the option chains are May 30th, not May 31st.
Greg..Serious issues in the UK..S The government is implementing more draconian measures concerning crypto purchases and regulations...individuals are borrowing from banks to purchase crypto/BTC..from various platforms..as far as propaganda concerning financial issues it,s the same old bull shit.
One Love to all...Nigelous UK