Silver Futures Index $SILVER (SILVER)

[DiscoverGold]

NY Silver COMEX Futures »» Weekly Summary Analysis
By: Marty Armstrong | June 8, 2024

NY Silver COMEX Futures closed today at 29440 and is trading up about 22% for the year from last year's settlement of 24086. Presently, this market has been rising for 3 months going into June reflecting that this has been only still, a bullish reactionary trend.

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 NY Silver COMEX Futures has continued to make new historical highs over the course of the rally from 2020 moving into 2024. We have elected four Bullish Reversals to date.

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 moderately bearish position at this time with the overhead resistance beginning at 29505 and support forming below at 27065. 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 May 20th at 32750, which was up 14 weeks from the low made back during the week of February 12th. We have seen the market drop sharply for the past week penetrating the previous week's low and it closed beneath that low which was 30345. This was a very bearish technical indicator warning that we have a shift in the immediate trend. We are still trading neutral on the Weekly Momentum Indicators and this is a warning that initial support has been breached. This strongly implies we should pay close attention now to the Weekly Bearish Reversals. If we begin to elect Weekly Bearish Reversals, then we are dealing with a more sustainable near-term correction. When we look deeply into the underlying tone of this immediate market, we see it is currently still in a semi neutral posture despite declining from the previous high at 32750 made 2 weeks ago. Still, this market is within our trading envelope which spans between 21068 and 34918. Immediately, this decline from the last high established the week of May 20th has been important closing sharply lower as well. Before, this recent rally exceeded the previous high of 29905 made back during the week of April 8th. That high was likewise part of a bullish trend making higher highs over the week of March 18th. This immediate decline has thus far held the previous low formed at 21975 made the week of February 12th. 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 28185. Additional support is to be found at 26255. Looking at this from a wider perspective, this market has been trading up for the past 5 weeks overall.

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.

Interestingly, the NY Silver COMEX Futures has been in a bullish phase for the past 7 months since the low established back in October 2023.

Critical support still underlies this market at 24044 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month's trading range in a neutral position.

DiscoverGold