Silver Futures Index $SILVER (SILVER)

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NY Silver COMEX Futures - Temp High »» Weekly Summary Analysis
By: Marty Armstrong | February 6, 2021

NY Silver COMEX Futures closed today at 270190 and is trading up about 2.29% for the year from last year's settlement of 264120. Up to now, this market has been rising for 4 months going into February suggesting that this has been a bull market trend on the monthly time level which has been confirmed by electing all of our model's long-term Bullish Reversals from the key low. As we stand right now, this market has made a new high exceeding the previous month's high reaching thus far 303500 while it is still trading above last month's high of 281050.

The NY Silver COMEX Futures has continued to make new historical highs over the course of the rally from 2020 moving into 2021. Distinctly, we have elected four Bullish Reversals to date.

This market is still what we classify as a Bull Market given its strong posture above our Quarterly to Yearly indicating models while the Weekly and monthly levels remain positive but showing signs of overhead resistance.

Solely focusing on only the indicating ranges on the Daily level in the NY Silver COMEX Futures, this market remains moderately bullish currently with underlying support beginning at 268800 and overhead resistance forming above at 277700. The market is trading closer to the support level at this time.

On the weekly level, the last important high was established the week of February 1st at 303500, which was up 19 weeks from the low made back during the week of September 21st. So far, this week is trading within last week's range of 303500 to 259350. Nevertheless, the market is still trading downward more toward support than resistance. A closing beneath last week's low would be a technical signal for a correction to retest support.

The broader perspective, this current rally into the week of February 1st reaching 303500 has exceeded the previous high of 261350 made back during the week of November 9th. Right now, the market is above momentum on our weekly models hinting this is still bullish for now as well as trend, long-term trend, and cyclical strength. Looking at this from a wider perspective, this market has been trading up for the past 19 weeks overall.

Interestingly, the Tokyo Platinum Futures has been in a bullish phase for the past 10 months since the low established back in March 2020.

Critical support still underlies this market at 159440 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Nevertheless, the market is trading above last month's high showing some strength.

A closing above last year's high of 197500 will warn of perhaps new highs into next year. A closing below that number would warn that this year could be just a temporary high.

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