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Silver Plays Catchup with the Other Commodities

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The pickings are rather slim in the market with just 61 of the 276 ETFs in the TrendInvestorPro Master List in uptrends. Unsurprisingly, most of the ETFs in uptrends are related to commodities (energy, metals, agriculture). Outside of commodities, we are seeing uptrends in ETFs related to consumer staples, utilities, aerospace-defense, agribusiness, infrastructure, steel and banks.

The Silver ETF (SLV) is one of the commodity ETFs in an uptrend and its uptrend signal is rather recent (as of February 24th). In addition, the chart sports a large Double Bottom and the ETF is challenging resistance. The green zone shows two lows in the 20 area and the red zone marks resistance from the November high. A breakout, which is happening right now, would confirm the pattern and target a move to new highs.

The bottom window shows the Trend Composite with three signals in the last two years (red/green arrows). Trend signals will never catch the exact bottom or top, but they can profit from the middle when a trend takes hold. The Trend Composite is now at +5, which means all five indicators are on bullish signals. You can learn about the Trend Composite here.  

This week's Next Level Charting video (here) covered broad market conditions, the technical picture for SPY, QQQ and IJR, as well as some big breakouts in ETFs related to steel, aerospace-defense and agriculture.

TrendInvestorPro focuses on ETFs with uptrends and leading charts. Once the trend is in place, we monitor the charts for pullbacks and entry opportunities.   Click here to learn more and gain immediate access.

The Trend Composite is one of 11 indicators in the TrendInvestorPro Indicator Edge Plugin for StockCharts ACP. Other indicators include the Momentum Composite and ATR Trailing Stop. Click here to learn more.

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Arthur Hill, CMT

Chief Technical Strategist, TrendInvestorPro.com

Author, Define the Trend and Trade the Trend


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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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