Silver Futures Index $SILVER (SILVER)

[DiscoverGold]

NY Silver COMEX Futures - Pressing Higher »» Daily Summary Analysis
By: Marty Armstrong | May 30, 2020

NY Silver COMEX Futures closed above our indicating ranges on the Daily level. It closed today at 184990 and is trading up about 3.22% for the year from last year's settlement of 179210. We did elect one Daily Bullish Reversal. Reflecting on the Reversal System, the last Reversal on the Yearly level to be elected was Bullish. The Quarterly level, however, shows that the last Reversal to be elected was Bearish back on Wed. Jan. 1, 2020. On the Monthly level, the last Reversal to be elected was also Bearish showing that the long-term level is negative at this time. The Weekly level shows that the last Reversal to be elected was Bullish showing that the mid-term level is still positive. So far, this market has remained below the previous year's high and it has broken under last year's low. Nevertheless, this market is trading above last year's settlement.


There is no single algorithm that you can devise or cycle that will predict every turn in a market. The reason for this is because such analysis is attempting to be employed in total isolation. Everything is connected. The wild-card which creates unexpected panics in markets will typically come from an external source inspired even from overseas.

PIVOT POINTS

Looking at our Pivot Points, the market is trading above one indicating pivot implying that this market is in a positive position with support at 178866 and resistance at 187686 and 189433 for this next trading session. Projected technical Support tomorrow lies at 180566 and 181130. Naturally, opening below this area will cause it to become resistance. Projected technical Resistance stands tomorrow at 186920 187966. Opening above this area will cause it to become support.

OVERVIEW ANALYSIS

The NY Silver COMEX Futures has bounced to the upside for one session closing above the previous session's high quite significantly by 2.14%. The broader rally has unfolded over the past 28 days. Currently, the market is trading bullish above all four indicators but percentage wise, it is trading only marginally higher less than 1%. Our oscillators are also turning upward but are still not in a full bullish position warning the momentum is not exceptionally strong.

This market has exceeded the last high forged at 181650 and closed above it pointing to a further advance is likely during the next session. This will be confirmed by opening above today's high. However, if the market then closes back below the opening print, then we may have a temporary high in place. The projected resistance for a high in the next session will stand at 189433 and remaining below that level keeps the market in a normal projection range rather than a true breakout. Nevertheless, we have elected 1 long-term Bullish Reversal suggesting that the market should now rally from hereat least on a closing basis as long as it holds above 178100 intraday. Currently, we see overhead projected resistance forming at 193366.

Bear in mind that we have made a new high this week changing the Weekly Bearish Reversals once this week is concluded. However, we have also made a new monthly high exceeding the previous month's high reaching 185500 which also means the immediate Monthly Bearish Reversals will change once this month is concluded.

Currently, the market remains unchanged within support still above our system indicators while the long-term trend and cyclical strength are bullish.

This market is also trading above the bank of eight moving average indicators also suggesting it is still above underlying support at this moment. However, an opening BELOW 181800 in the next session would warn that the high of this session may stand at least temporarily.

We did close below the previous session's Intraday Projected Breakout Resistance indicator which was 180262 settling at 179670 gesturing that the market is not in a breakout mode at that precise moment. The current Projected Breakout Resistance for this session was 182811 which we have now closed above suggesting the market is starting to possibly breakout to the upside if it can be maintain in the next trading session. The Projected Breakout Resistance indicator for the next session will be 187361. Normally, when you open back below this resistance number or closed back below it then the rally is losing momentum. So, watch this number which is dynamic for it changes with each session.

Intraday Projected Breakout Resistance
Today...... 182811
Previous... 180262
Tomorrow... 187361

Change in Trend Indicator
Daily ........ 174267
Weekly ....... 157983
Monthly ...... -151067
Quarterly .... -152483
Yearly ....... 139767

Note: Negative means the market is trading below on that level on a closing basis. The broader change in trend takes place only on the monthly to yearly levels. Those looking for exit strategies may look at these numbers on a closing basis per level.

Up to now, we have exceeded last month's high so we have therefore generated a new What If Monthly Bearish Reversal which lies below the present trading level at the general area of 163000 and a month end closing beneath this level will be a sell signal for now.

Up to now, we have broken below last month's low and that means we have generated a new What-If Monthly Bullish Reversal which lies above the present trading level at the general area of 254 warning that this decline has still not punched through important overhead resistance. A monthly closing beneath this level will keep this market in a bearish tone.

RECREATING TIME

Note: Time is relative so this model creates time so we have a Yearly Bullish/Bearish Reversal Each Day. This allows us to see if the broader trend is shifting instead of having to wait for year-end.

Based upon our Dynamic Yearly Models where time is relative, assuming today Fri. 29th would be constructively the end of the year, we are currently trading above all Dynamic Yearly Bullish Reversals for today's theoretical year-end closing. This is on all four dimensions implying we are still in a broader bullish trend for now. Keep in mind, that these are dynamic reversals good EXCLUSIVELY for today only.

BROADER OVERVIEW

While the historical perspective of the of this market included a decline from the major high established back in 2011 moving into a major low in 2018, the market has bounced back for the last 2 years. The last Yearly Reversal to be elected was a Bearish at the close of 2016.


This past year alone, saw a sharp price decline of about 19%.

DAILY TECHNICAL OVERVIEW

The major high created since the low took place was established on 04/21/2020 at 0 which was 28 days from that major Low.

The perspective from our Energy Models, the fact that the market is making new intraday highs in price and our Energy Models are rising, this market is holding for right now and starting prepare for a bounce. As long as our Energy Models hold above the former low made on 05/28/2020.

OVERALL TREND

. The NY Silver COMEX Futures is in bearish position on the monthly short-term level of our model while the broader term is also neutral to bearish. Looking at the weekly short-term level, this market is still bullish while the broader term is neutral to bullish. Focusing on the daily level, this market is in an immediate bullish position. Overall, the posture is generally bearish for now.

DiscoverGold

Click on "In reply to", for Authors past commentaries