Silver Futures Index $SILVER (SILVER)

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NY Silver COMEX Futures »» Weekly Summary Analysis
By: Marty Armstrong | February 17, 2024

The NY Silver COMEX Futures has been in an uptrend for the past 2 days closing above the previous session's high quite significantly by 1.66%. Currently, the market is trading bullish above all four indicators but it is trading strongly higher up some 5.17% from the previous session low. Clearly, this market is breaking out to the upside based upon pattern recognition. Our projected target for closing resistance for the next session stands at 24352. We need to close above that projection target to keep the upward advance in motion. Our Stochastics are all pointing upward while our internal momentum models have also remained in a bullish posture.

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 2011 and 1998.

MARKET OVERVIEW
NEAR-TERM OUTLOOK

The historical perspective in the NY Silver COMEX Futures included a rally from 2020 moving into a major high for 2021, the market has been consolidating since the major high with the last significant reaction low established back in 2020. The market is still holding above last year's low. The last Yearly Reversal to be elected was a Bullish at the close of 2020 which signaled the rally would continue into 2021. However, the market has been unable to exceed that level intraday since then. This overall rally has been 3 years in the making.

This market remains in a positive position on the weekly to yearly levels of our indicating models. Pay attention to the Monthly level for any serious change in long-term trend ahead.

Solely focusing on only the indicating ranges on the Daily level in the NY Silver COMEX Futures, this market remains in a bullish position at this time with the underlying support beginning at 23430.

On the weekly level, the last important high was established the week of December 4th at 26340, which was up 9 weeks from the low made back during the week of October 2nd. We have seen the market drop sharply for the past week penetrating the previous week's low and yet it recovered to close above the previous week's close of 22594. We are still trading above the Weekly Momentum Indicators so we have not undermined critical support as of yet. When we look deeply into the underlying tone of this immediate market, we see it is currently still in a weak posture.

INTERMEDIATE-TERM OUTLOOK

YEARLY MOMENTUM MODEL INDICATOR

Our Momentum Models are declining at this time with the previous high made 2021 while the last low formed on 2023. However, this market has rallied in price with the last cyclical high formed on 2021 and thus we have a divergence warning that this market is starting to run out of strength on the upside.

Critical support still underlies this market at 22263 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.

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