Silver SLV updateLike gold -0.14% also near decision point. Today's rise closed one gap. One small gap remains around 13.60. If get bearish candle formation here or break of current uptrend line will short. Process your way.
SLV
The Stock Market Swings From Bullish Signs to Stop Signs.A snipper from my latest post.... drduru.com
The stock market faded from bullish undertones and back into the resting position. Now we can just look back at what could have been.
For the first time in a long time, I feel compelled to change my short-term trading call from neutral. While the S&P 500 (SPY) still sits well within a trading range of churn, I see several signals which give me bearish vibes starting with my favorite technical indicator: AT40 (T2108), the percentage of stocks trading above their respective 40-day moving averages (DMAs).
Through Wednesday, April 18th, AT40 rallied relatively consistently with 9 up days out of 12 trading days. The last two up days featured weakening momentum and the top, an intraday high of 67.6%, came just short of the overbought threshold of 70%. I typically interpret a rejection at the overbought threshold as a bearish event. I am particularly keen to follow this interpretation given a similar rejection preceded the big February sell-off, and I was very slow to react to that rejection. AT40 swiftly fell all the way back to 55.2% to close the week. I am now eager to see AT40 hold a higher low.
The S&P 500 (SPY) provided one component of a bearish confirmation. At its last high, the index closed just about even with its close after the Fed’s last decision on monetary policy. Not only did the index fail to maintain momentum from there, but also the subsequent selling pushed the S&P 500 right back below its 50DMA. The NASDAQ and the PowerShares QQQ ETF (QQQ) both pulled up short of their post-Fed closes before dipping below their 50DMAs to the end the week.
The volatility index, the VIX, might as well have sealed the deal. Last week, the VIX traded right down to the 15.35 pivot and convincingly held that level as support over the next 3 trading days. While the VIX did not pop as much as I would have expected, I am still respecting this hold of support. I am staying patient before shorting the iPath® S&P 500 VIX Short-Term Futures™ ETN (VXX) again, and I am holding onto call options on the ProShares Ultra VIX Short-Term Futures ETF (UVXY).
The Australian dollar (FXA) versus the Japanese yen (FXY) provided one more piece to the puzzle by breaking down below its 50DMA again. Just a week ago, AUD/JPY looked like it was leading financial markets higher. Now it looks set to grease the skids pointing downward....
Trouble if we can't get above January high - SilverI had been anticipating a three month test of the high in silver this month. The sudden move up adds to the drama as we are still early in the month. A failure to make progress here and price could fall to 13 or even under 10!
Silver Lining IIDaily RSI divergence during the low.
Funny enough the low seems to have occurred again during full moon on march 1.
CoT looks better now, compared to december last year. Even more, if I`m not missing something, then this is the first time since march 2003 that large specs are net short.
A close above the 10ema (16,51) today would be another positive sign for me.
Especially Gold has been highly correlated with EUR/USD in the last few weeks, more then normal imo.
EUR/USD and DXY are close to their multiyear trendlines, so I´m looking for a conservative 17,20 as my first target, then take it from there.
SPD in Germany gave the ok for a grand coalition this should support the euro for now, as market waits for the final outcome of italy election.
SLV June 16 Covered CallBought two lots of SLV at 15.74 and sold June 16 calls for 38 ea (45 delta strike). The IV was >20% today.
The position break even is reduced to 15.36 with a 4% max profit on the break even cost.
At 60 days to expiry, this yields 25% at an annualized rate.
Ideally the cost basis on the position can be further reduced after June with additional calls sold against the position in the months ahead. Thinkorswim analysis shows 60% probability of some profit.
Precious metals don't yield, but covered calls can be used to generate income against an existing ETF position.
Silver has been trading in an increasingly narrow range for the past year, and may continue to do so for some time yet.
The Rise of the Silver Surfer Part IIIMultiple 1-2 combinations will soon break out like a rocket. Buy anon & hodl physical!
In Venezuela you can buy food for 3-6 month with 1 oz of Silver and with 1 oz of gold you can buy a house.
Same situation in germany after world war.
At the moment there are over 43.000 applications where silver is used in chemistry, industry, healthcare and economy.
10 more applications are added every day. Silver is antibacterial so more and more stuff like clothes and
healthcare products are coated with silver.
Silver is the metal with the highest electrical and highest thermal conductivity of all metals.
So its used in every smartphone, computer, solar panel, car - in every electronical controlled device.
-> Silver is one of the first metals which is running out in 12-20 jears (depending of div. sources).
Nasa ist using colloidal silver as antibiotics for astronauts.
Might Silver be Setting Up for Yet another BIG TUMBLE?The pattern looks similar. Another up day or two and then the bottom falls out?
Silver Heading to Descending Triangle Nirvana $15 TargetSilver Heading to Descending Triangle Nirvana $15 Target
Silver to look lowerLooking like silver will test support at $16 then $15.70. Possible double bottom forming?
SLV: One more drop down?Looks like a fairly good triangle in SLV. When price is going down into a triangle most often it continues down at the end of the triangle. Like most patterns we often see what we are looking for. So no guarantee. But would not be surprised to see one more drop in silver. IFFF this occurs may well be a great base for a new bull run. Take care. Have a great week.
Silver finds support at $16.2Silver finds support at $16.2. COT futures data show that the Commercial Trader Short/Long Ratio is down to 1.23. This is a strong buy signal. The COT data can be seen on barchartdotcom and goldseekdotcom. Since USD has shown a lot of strength recently, it is reasonable to cost average smaller positions into this over the next 4-8 weeks. I am long 1 silver future and will open a half position in USLV in my 401k today.
SLV is a 1x long etf. USLV is a 3x long etf with an average volume of 2.9 million shares so it is highly liquid.
SLV poised for three-month test of the lowOne pattern I like to follow is a three-period test of the high or low. Should SLV hold this level (15.51) on Wednesday, the end of the month of February, it could be forming the base for a long-term bottom. The intermonth low for December was lower, so price action in March could also fall to test that low (14.74) but the a successful monthly close is a long-term positive. Of note is that there is also a three-week test of the low next week. This is very reminiscent of the Feb 2016 low in SPX, with a weekly and monthly test occurring around the same time. We all know what followed after that.
SILVER: H&S?testa e spalle rialzista per il silver? ormai siamo al punto di svolta....da domani capiremo se lo scenario è corretto ...rimango bullish
Contracting WedgeHi guys. Here's another pattern chart from your modest trade partner and imho. As always have a nice day.
Megaphone + BullflagHi guys. I was expecting more strength from silver today but in my humble opinion it's still strong enough to float up next week. Have a nice weekend.
The rise of the silver surfer part IIMultiple 1-2 combinations will soon break out. Buy anon & HODL physical!
50% ConfluenceHi guys. It was a pretty good drop and probably an exaggerated one taking into account the recent rally. I'm cautiously entering a very short term position here off the 50% retracement zone. The probabilities should be pretty good. Thank you for taking a look.
More Upside TomorrowHi guys. A little more up by tomorrow imho. Generally I'm expecting a deeper pullback imho. Please trade with caution.
Why Should We Say OUT OF FOREX and Same Stuff !When we look at the chart.
We expect a strong rally or fall because of the price action.
Price in the same areas so bollinger bands are squeezing.
But !!!
Look at the chart 17 YEARS LONGGGGGGG Same price action. No move. God.
Life time and price is same..
So Stay away from forex and other leveraged and date expiry stuff.
IF you wanna buy something. Buy it. Not forex. Because you buy it and have it put in a safe... Forex stuff will be in fire in a time later and you lose everything. Buy it like bar coin 1 kg sillver bar like that. Buy it put in your house. Do not burn your money.
Good LUCK..
