Replies to post #1889 on Silver Futures Index $SILVER (SILVER)

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NY Silver COMEX Futures - ReTesting Support »» Daily Summary Analysis
By: Marty Armstrong | July 11, 2020

NY Silver COMEX Futures closed today at 190530 and is trading up about 6.31% for the year from last year's settlement of 179210. This market has elected Bullish Reversals on all five time levels suggesting it is still in a bullish posture.


Moving averages and stochastics are nice confirming tools. They are incapable of forecasting a high or low. They also do not reflect magnitude of a move. They can be a useful confirming tool, but nothing to actually enter a trade on that is consistent.

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 189733 and resistance at 192090 and 195150 for this next trading session. Projected technical Support tomorrow lies at 190050 and 190343. Naturally, opening below this area will cause it to become resistance. Projected technical Resistance stands tomorrow at 190623 192900. Opening above this area will cause it to become support.

OVERVIEW ANALYSIS

Change in Trend Indicator
Daily ........ 185500
Weekly ....... 174583
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.

At present, we have exceeded last month's high so we have therefore generated a new What If Monthly Bearish Reversal which lies below the present trading level at the general area of 138940 and a month end closing beneath this level will be a sell signal for now.

Up to now, 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 13399 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.

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 Fri. 10th 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.

BROADER OVERVIEW

While the historical perspective of the of this market included a decline from the major high established back in 2011 moving into a major low in 2018, the market has bounced back for the last 2 years. The last Yearly Reversal to be elected was a Bearish at the close of 2016.

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

This past year alone, saw a sharp price decline of about 19%.

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