October 6, 2025 | Market Pulse: AMD, Gold, Bitcoin & the S&P 500

A quick review of some key market sectors.

AMD

AMD surged today on the news that OpenAI will ~ $100 billion in AMD. The deal also grants OpenAI a warrant to acquire up to 160 million AMD shares – roughly 10% of the company – at $0.01 per share, with the stake earned progressively as key technology and revenue milestones are achieved. This enormous commitment is anticipated to generate tens of billions in revenue for AMD and further accelerate OpenAI’s buildout of advanced data centers, mirroring the controversial Nvidia arrangement that combined massive hardware supply with equity participation and market concentration concerns.

S&P 500

The S&P 500 remains technically overbought but continues to trade above its established uptrend line, which still acts as key support. As long as this trend line holds, the broader bullish structure—defined by a series of higher lows—remains intact, implying the long-term trend favors further upside. While short-term volatility or minor pullbacks are possible, the technical outlook still supports maintaining positions. Only a decisive break below the uptrend line would signal a potential shift in momentum and justify a more defensive stance. Initial support sits at the horizontal line around 6570.

Gold

From mid-May to late August, gold traded in a sideways wedge pattern, basically doing nothing for about 4.5 months. Then in late August it broke out of that wedge pattern and has been setting new highs on a regular basis. Like the S&P 500 chart, gold remains in a solid uptrend until the uptrend line is broken. Should that occur, the initial support level would be about 3800.

Bitcoin

Bitcoin just hit a new all-time high above $125,000, testing a strong resistance level that dates back to 2017. This resistance is crucial for investors to watch closely because if it holds, Bitcoin is likely to face a pullback as selling pressure increases at this long-established ceiling. However, if Bitcoin can decisively break above this resistance, it could trigger a strong bullish momentum, potentially pushing prices toward $135,000 to $160,000 in the near to medium term. This breakout would signal renewed strength driven by institutional adoption, favorable macro conditions, and technical momentum. Therefore, this resistance level acts as a key decision point, where the market could either consolidate or launch into a substantial new rally, making it essential for investors to monitor price action around this level carefully.

Stay tuned!

Martin

Martin Straith October 6th, 2025

Posted In: The Trend Letter

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