NY Silver COMEX Futures Summary Analysis By: Marty Armstrong | May 26, 2018
Analysis for the Week of May 28, 2018
OUR ANALYTICAL OPINION AS OF THE CLOSE OF Fri. May. 25, 2018: NY Silver COMEX Futures closing today of 165460 so far is trading down about 3.49% for the year from last year's closing of 171450. So far, we have been trading up for the past 7 days since the reaction low made on Wed. May. 16, 2018. Utilizing our Reversal System, our next Weekly Bullish Reversal to watch stands at 168200 while the Weekly Bearish Reversal lies at 162040. This provides a 3.66% trading range. Turning to the broader Monthly level, the current Bullish Reversal stands at 177460 while the Bearish Reversal lies at 161400. This, of course, gives us a broader trading range of a 9.04%.
The last event was a low established during 2016.
A possible change in trend appears due come June in NY Silver COMEX Futures so be focused. Last month produced a high at 173600 and so far, we have broken beneath last month's low 161500 closing yesterday at 165460. We now need to close beneath 161500 on a monthly basis to imply a technical reversal of trend to the downside for now.
Viewing the near-term level, the market has closed up 25.8% from the last cycle low established during 2015, which has been only a 2 year rally from that event. Flipping to the long-term perspective, the market has still closed on the Yearly level up 389.1% from the strategic low established during 1991, which has been a 26 year rally from that key event.
Viewing the near-term level, the market has closed down 19.2% from the last cycle high established during 2016, which has been only a 1 year decline. Flipping to the long-term perspective, the market has closed on the Yearly level down 65.5% from the strategic high established during 2011, which has been a 6 year move.
The overall tone of this market is neutral at this time as it is balanced on all levels daily through yearly..
On the weekly level, the last important low was established the week of April 30th at 160700, which was down 2 weeks from the high made back during the week of April 16th. We have been generally trading up for the past 3 weeks from the low of the week of April 30th, which has been a move of.0403 percent.
At this moment, this market is in a downward trend on all our indicators looking at the weekly level. Bearing in mind the direction of this trend, we have been moving down for the past 5 weeks. The last high on the weekly level was 173600, which was created during the week of April 16th. The last weekly level low was 160700, which formed during the week of April 30th, and only a break of 161900 on a closing basis would signal serious correction ahead. However, we still remain above key support 161950 on a closing basis.
Some caution is necessary since the last high 182900 was important given we did obtain two sell signals from that event established during September 2017. Critical support still underlies this market at 160500 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible. Nevertheless, at this time, the market is still holding. Taking a broader view, this market is in a downward trend on all our indicators looking at the monthly level. Eyeballing the direction of this trend, we have been moving down for the past 7 months. The last high on the monthly level was 182900, which was created during September 2017, and the market has turned lower falling to 160700. The last monthly level low was 143400, which formed during July 2017, and only a break of 161000 on a closing basis would signal serious correction ahead. However, we still remain above key support 162250 on a closing basis.
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