S&P500 Breaks 6,100: 'Dead Cat Bounce' Or New Bull Market? | Chris Vermeulen

Watch on YouTube ↗  |  June 25, 2025 at 21:43  |  33:02  |  The David Lin Report
Speakers
Chris Vermeulen — Chief Market Strategist, TheTechnicalTraders
David Lin — Founder & Host, The David Lin Report / ex-Anchor, Kitco News

Summary

Chris Vermeulen, Chief Market Strategist at The Technical Traders, joins David Lin to review technical setups across the S&P 500, QQQ, oil, the U.S. dollar, gold, silver, miners, and Bitcoin. He says the market trend is up and he is long equities and Bitcoin, while expecting a possible sharp reversal after a nominal new high. He is bullish on gold and silver, cautious on oil, and watching the dollar for a potential breakdown.

  • S&P 500 and QQQ are in uptrends; Chris is long but warns of possible double-top or sharp reversal risk.
  • Bitcoin has a bull-flag setup with upside target around $134k-$135k; he is long IBIT/Bitcoin.
  • Gold is in a long-term bull market with next target around $3,750/oz; silver next target around $38.
  • Gold and silver miners (GDX, SILJ) show bullish patterns but are less reliable than gold.
  • Oil is in a downtrend and is avoided due to news-driven volatility.
  • DXY is in a short-term downtrend but long-term uptrend; he holds USD and would rotate to CAD if a bear flag breaks down.
  • Russell 2000 looks weak and is avoided.
  • He emphasizes following price trends over bearish opinions while monitoring speculative risk appetite.
Ideas
Chris Vermeulen Chief Market Strategist, TheTechnicalTraders 6:04
Russell 2000 weak; avoid.
The Russell 2000 is not looking healthy: it is stuck below its 150-day moving average and below the major breakdown from earlier this year, making it a weak broad-market/growth index while leadership is elsewhere.
IWM MED
Chris Vermeulen Chief Market Strategist, TheTechnicalTraders 9:38
Trend up; long S&P 500.
He is long the S&P 500 because the market trend is up and charts show strength. He expects a possible nominal new high or 5-8% rally over the next couple of weeks before a sharp reversal, but he insists traders follow the trend and not bet against the market while it holds above resistance.
SPY HIGH
Chris Vermeulen Chief Market Strategist, TheTechnicalTraders 9:59
Long QQQ; target 560.
QQQ is tech-heavy and already trading at new all-time highs, led by the Magnificent 7. His strategy gave a buy signal, he is long QQQ, and he has a further upside target around 560.
QQQ HIGH
Chris Vermeulen Chief Market Strategist, TheTechnicalTraders 10:18
Long Bitcoin; target $135k.
Bitcoin has a strong bull-flag pattern and is building a launch pad at all-time highs; a breakout points to $134,000-$135,000. He is long IBIT and Bitcoin. Caveat: if the stock market sells off, Bitcoin likely sells off too because it trades like the NASDAQ.
BTC IBIT HIGH
Chris Vermeulen Chief Market Strategist, TheTechnicalTraders 10:56
Oil downtrend; avoid despite spike.
Oil is in a downtrend with lower highs and lower lows; the recent geopolitical spike was emotional/news-driven and got slammed, so he expects lower prices into the $50s/$40s. He avoids trading oil because headline-driven 10-20% moves make it a coin toss.
WTI HIGH
Chris Vermeulen Chief Market Strategist, TheTechnicalTraders 16:02
Watch dollar; rotate to CAD if breaks.
The DXY is in a short-term downtrend with all key moving averages sloping down, but on the monthly chart it remains in a long-term uptrend with higher lows. He continues to hold the U.S. dollar for now. If a bear-flag breakdown forms over the next couple months, he would exit the dollar and move to the Canadian dollar. A dollar collapse would also send gold sharply higher.
DXY MED
Chris Vermeulen Chief Market Strategist, TheTechnicalTraders 16:02
Watch dollar; rotate to CAD if breaks.
The DXY is in a short-term downtrend with all key moving averages sloping down, but on the monthly chart it remains in a long-term uptrend with higher lows. He continues to hold the U.S. dollar for now. If a bear-flag breakdown forms over the next couple months, he would exit the dollar and move to the Canadian dollar. A dollar collapse would also send gold sharply higher.
CAD MED
Chris Vermeulen Chief Market Strategist, TheTechnicalTraders 18:39
Gold bull; target $3,750.
Gold is in a long-term bull market and strong uptrend, consolidating after a big run; next upside target around $3,750/oz. He expects it to hold value and push higher amid war and uncertainty and sees it as lower risk than stocks; he holds physical gold long term.
GLD HIGH
Chris Vermeulen Chief Market Strategist, TheTechnicalTraders 24:36
Silver target $38; bull move.
Silver often takes off after gold consolidates; it has broken out and the next target is around $38, a major historical resistance. He holds physical silver long term and expects gold, silver, and miners to push higher.
SILVER HIGH
Chris Vermeulen Chief Market Strategist, TheTechnicalTraders 26:06
Miners higher, but less reliable than gold.
Gold and silver miners are performing well: GDX is pushing to 52-week highs, and small-cap silver stocks (SILJ) have a bull-flag pullback pointing to sharply higher prices. If stock-market uncertainty continues, miners should do well, though he warns miners are less reliable than gold because they can get dragged down by the stock market.
GDX SILJ MED
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This The David Lin Report video, published June 25, 2025, features Chris Vermeulen discussing IWM, SPY, QQQ, BTC, IBIT, WTI, DXY, CAD, GLD, SILVER, GDX, SILJ. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Chris Vermeulen  · Tickers: IWM, SPY, QQQ, BTC, IBIT, WTI, DXY, CAD, GLD, SILVER, GDX, SILJ