News 
Market Data 
Discover
Replies to post #1885 on Silver Futures Index $SILVER (SILVER)
07/04/20 9:25 AM
NY Silver COMEX Futures closed above our indicating ranges on the Daily level. It closed today at 183220 and is trading up about 2.23% for the year from last year's settlement of 179210. We did elect two Daily Bullish Reversals today. However, we did elect one Bullish Reversals from today's low. This market has elected Bullish Reversals on all five time levels suggesting it is still in a bullish posture.
The Energy Model is measuring the bulls against the bears. It is providing a different measurement of how much 'energy' remains in the market from the long-side. Therefore, if people are recently long, it shows to what extent that represents the whole of the market position. A crash is possible when energy is at a high level and a rally is likely when energy is negative. This is based upon our proprietary models and not the published numbers of longs and shorts.
PIVOT POINTS
Looking at our Pivot Points, the market is trading above one indicating pivot implying that this market is in a positive position with support at 180916 and resistance at 183926 and 185550 for this next trading session. Projected technical Support tomorrow lies at 181300 and 182973. Naturally, opening below this area will cause it to become resistance. Projected technical Resistance stands tomorrow at 183343 185350. Opening above this area will cause it to become support.
OVERVIEW ANALYSIS
The NY Silver COMEX Futures made a new low penetrating the previous session's low and it closed higher suggesting we have at least a pause right now even if briefly. We did close above the previous session's Intraday Crash Mode technical support indicator which was 179925 settling at 182180. The Intraday Crash indicator for the next session will be 171400. Now since we closed back above this indicator in the current trading session, then holding above this indicator for the next session will imply the decline has not yet crossed the crash point. We need to watch this indicator closely right now. The Secondary Intraday Crash Mode technical support lies at 143060 which we are trading above at this time. A breach of this level with a closing below will signal a sharp decline is possible.
The Superposition Reversal for tomorrow will be 177900 and a closing above that even after the election of Daily Bearish Reversals today, will imply a turn back to test overhead resistance will be possible. This last rally managed to exceed the previous high intraday. However, it was unable to close above it at the end of the day.
Change in Trend Indicator
Daily ........ 180167
Weekly ....... 172867
Monthly ...... 134317
Quarterly .... 143733
Yearly ....... 139767
Note: Negative means the market is trading below that level on a closing basis. The broader change in trend takes place only on the monthly to yearly levels. Those looking for exit strategies may look at these numbers on a closing basis per level.
Immediately, we have exceeded last week's high and that means we have generated a new What-If Weekly Bearish Reversal which lies below the present trading level at the general area of 174600 and an end of week closing beneath this level will be a sell signal for now.
Currently, we have broken below last week's low and that means we have generated a new What-If Weekly Bullish Reversal which lies above the present trading level at the general area of 10665 warning that this decline has still not punched through important overhead resistance. A weekly closing beneath this level will keep this market in a bearish tone. Immediately, we have broken below last month's low and that means we have generated a new What-If Monthly Bullish Reversal which lies above the present trading level at the general area of 3378 warning that this decline has still not punched through important overhead resistance. A monthly closing beneath this level will keep this market in a bearish tone.
END OF WEEK
Presently, this market is making lower lows implying a bearish undertone has been in play. So far this week the trading range has been 188500 to 179350. The market has made a new high this week and the extent of this rally has been 13 trading days. The next Weekly Bearish Reversal to watch for the close of this week will be 12850. The market is already trading below one Reversal at 0 implying perhaps at least a temporary high could be in place. All four primary Weekly Bearish Reversals were elected from the low established back on the week of June 15th. The projected technical support this week resides at 169167. The projected technical resistance has been exceeded showing this has been a strong rally. These levels will now offer initial support and if the market moves back below these levels, then the rally is running out of steam. They reside at 169167 and 188416.
RECREATING TIME
Note: Time is relative so this model creates time so we have a Yearly Bullish/Bearish Reversal Each Day. This allows us to see if the broader trend is shifting instead of having to wait for year-end.
Based upon our Dynamic Yearly Models where time is relative, assuming today Thu. 2nd would be constructively the end of the year, we are currently trading above all Dynamic Yearly Bullish Reversals for today's theoretical year-end closing. This is on all four dimensions implying we are still in a broader bullish trend for now. Keep in mind, that these are dynamic reversals good EXCLUSIVELY for today only.
We closed the previous month at 184990 after making a new high up two months from the low established back in May during 2020 at 176150. as was the case last month. The next Monthly Minor Bearish Reversal resides at 138540 whereas the next Monthly Major Bearish Reversal is to be found at 121340.
DAILY TECHNICAL OVERVIEW
Using the Energy Models, the market is making new intraday lows in price while our Energy Models are still positive but declining right now.
OVERALL TREND
The NY Silver COMEX Futures has penetrated last year's low leaving that as an 1 year high. The NY Silver COMEX Futures is in a neutral position on the weekly short-term level of our model while the broader term is neutral to bullish implying that the long-term bull market is still holding. Focusing on the daily level, this market is in an immediate bullish position. Overall, the posture is generally bullish for now.
DiscoverGold 
