Replies to post #3463 on Silver Futures Index $SILVER (SILVER)

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NY Silver COMEX Futures »» Weekly Summary Analysis
By: Marty Armstrong | June 3, 2023

The NY Silver COMEX Futures closing today at 23747 is immediately trading down about 1.21% for the year from last year's settlement of 24040. As of now, this market has been rising for 2 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 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 2 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.

Looking at the indicating ranges on the Daily level in the NY Silver COMEX Futures, this market remains neutral with resistance standing at 23805 and support forming below at 23510. 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 1st at 26435, which was up 8 weeks from the low made back during the week of March 6th. We have been generally trading up for the past week from the low of the week of May 22nd, which has been a move of .0554%.

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 2022. 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 8 months since the low established back in September 2022.

This market is trading well beneath that high of May which was 26435 by more than 10 percent. Critical support still underlies this market at 22700 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible.

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