🔹 SPY (S&P 500 ETF)
Call: 🔻 Bearish – Rising Wedge Breakdown Confirmed→ Technical Breakdown:
- Pattern: Rising wedge has completed → breakdown initiated
- Bollinger Bands: Price rejected off the upper band → reversal in motion
- RSI: Rolling down from ~70 → confirms overbought unwind
- MACD: Bullish momentum fading → signal line convergence and flattening histogram
- Volume: Weak on the final push = no conviction
→ Outlook:
A sharp correction is historically consistent with rising wedge breakdowns. Short-term bearish positioning now favored.→ 📈 Options Trade Ideas:
- Bear Put Spread(June 21 Expiry):
- Buy $585 Put / Sell $570 Put
- High-Risk Play:
- Buy Straight $580 or $585 Put
- For traders expecting a sharp near-term drop
🔹 USO (United States Oil Fund)
Call: 🟡 Neutral to Slightly Bearish→ Technical Breakdown:
- Trend: Short-term downtrend continues
- Price: Trading below 9- and 18-day moving averages
- RSI: Approaching oversold → bounce risk rising
- Volume: Light, no accumulation signs yet
→ Outlook:
Downtrend remains intact, but risk/reward is shifting as price compresses→ 📈 Options Trade Idea (Bearish with Defined Risk):
- Bear Put Spread(July Expiry):
- Buy $65 Put / Sell $60 Put
🔹 GLD (Gold ETF)
Call: 🟢 Bullish Recovery in Progress→ Technical Breakdown:
- Trend: Resilience shown near support → bounce confirmed
- RSI: Rebounding from neutral zone
- Price: Now stabilizing above key SMAs
- Macro: Gold remains well-bid amid global uncertainty and fiat distrust
→ Outlook:
Recovery off lows looks strong. Still in a broad uptrend.→ 📈 Options Trade Idea (Swing/Position Entry):
- Buy $310 Call (September Expiry)
- Targeting long-term breakout continuation
🔹 Bitcoin (BTC/USD)
Call: ✅ Strong Bullish Continuation→ Technical Breakdown:
- Structure: New yearly highs + sustained higher lows
- Momentum: No blow-off top → trend intact
- Volume: Rising = confirmation of institutional interest
→ Macro Tailwinds:
- Rising inflation fears, debt downgrade, and fiat volatility → BTC is capital magnet
→ Outlook:
Upside continuation in progress → next level $112K–$115K if trend holds
🔹 XRP (Ripple)
Call: ✅ Bullish Bias Holding Despite Volatility→ Structure:
- Consolidating gains in higher price range
- Has not broken down despite turbulence
→ Momentum:
- RSI and trend holding → bullish bias remains valid
- Volatility likely to compress before the next move
→ Outlook:
Short-term choppy, but structurally bullish.
Breakout potential resumes above $2.50–$2.60