Silver Futures Index $SILVER (SILVER)

[DiscoverGold]

NY Silver COMEX Futures - Retest Support »» Weekly Summary Analysis
By: Marty Armstrong | June 19, 2021

The NY Silver COMEX Futures closing today at 259690 is immediately trading down about 1.67% for the year from last year's settlement of 264120. Currently, this market has been rising for 2 months going into June reflecting that this has been only still a bullish reactionary trend. As we stand right now, this market has made a new low breaking beneath the previous month's low reaching thus far 257700 yet it is trading below last month's close of 280140.Up to now, we still have only a 2 month reaction rally from the low established during March. We must exceed the 3 month mark in order to imply a trend is developing.

ECONOMIC CONFIDENCE MODEL CORRELATION

Here in NY Silver COMEX Futures, we do find that this particular market has correlated with our Economic Confidence Model in the past. The Last turning point on the ECM cycle low to line up with this market was 2020 and 2015 and 2001. The Last turning point on the ECM cycle high to line up with this market was 2020 and 2011 and 1998.

MARKET OVERVIEW
NEAR-TERM OUTLOOK

The NY Silver COMEX Futures has continued to make new historical highs over the course of the rally from 2020 moving into 2021. Prominently, we have elected four Bullish Reversals to date. Currently, the market has dropped back and is trading beneath the previous year's close warning of a potential correction in play.

This market remains in a positive position on the weekly to yearly levels of our indicating models.

Focusing on our perspective using the indicating ranges on the Daily level in the NY Silver COMEX Futures, this market remains in a bearish position at this time with the overhead resistance beginning at 267800.On the weekly level, the last important high was established the week of May 17th at 289000, which was up 7 weeks from the low made back during the week of March 29th. We have seen the market rally thus far reaching this week 284450.

INTERMEDIATE-TERM OUTLOOK

YEARLY MOMENTUM MODEL INDICATOR

Our Momentum Models are rising at this time with the previous low made 2019 while the last high formed on 2020.A closing above last year's high of 299150 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.

Critical support still underlies this market at 219500 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 below last month's low warning of weakness at this time.

DiscoverGold

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