Silver Futures Index $SILVER (SILVER)

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NY Silver COMEX Futures - Temp High »» Weekly Summary Analysis
By: Marty Armstrong | February 20, 2021

NY Silver COMEX Futures closed today at 272540 and is trading up about 3.18% for the year from last year's settlement of 264120. Immediately, 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. Clearly, 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.

Focusing on our perspective using the indicating ranges on the Daily level in the NY Silver COMEX Futures, this market remains moderately bullish currently with underlying support beginning at 269100 and overhead resistance forming above at 275000. The market is trading closer to the resistance 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. We have been generally trading down for the past 2 weeks, which has been a very dramatic move of 13.98% in a stark panic type decline.

The broader perspective, this current rally into the week of February 1st has exceeded the previous high of 261350 made back during the week of November 9th. This immediate decline has thus far held the previous low formed at 218100 made the week of September 21st. Only a break of that low would signal a technical reversal of fortune and of course we must watch the Bearish Reversals. Right now, the market is neutral on our weekly Momentum Models warning we have overhead resistance forming and support in the general vacinity of 247150. Additional support is to be found at 243650. From a pointed viewpoint, this market has been trading down for the past 2 weeks.

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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