SLV: A Well-Timed Heads-Up in Early May
by Mike Paulenoff
May 19, 2024 • 11:07 AM EDT
During the pre-market hours of May 8th, 2024, this is what I posted about SLV (iShares Silver Trust) to our members at MPTrader.com:
Time to focus on Silver (SLV) again for the initiation of a new upleg after the completion of a three-week pullback right to a successful test of 12-month support (see my attached charts), followed by an upside pivot reversal that has the right look of a resumption of the bull phase from October 2023. My 4-Hour setup work argues that SLV needs to climb and sustain above 25.15/35 to confirm the turn, while my Daily work shows the 4-year Big Picture setup that projects to a test of the Feb. 2021 high at 28.00. Finally, the attached seasonal chart of Gold (using 30 years of data) suggests that if this year is reasonably similar to the propensity of a directional move higher during the middle two weeks of May (since 1993), Gold and Silver should benefit from strong seasonal tailwinds into the May 21-24 timeframe... Last in SLV is 24.92...
Over the subsequent 10 days and 5 updates, SLV ripped higher, hitting an 11-year new high at 28.87, a full 16% above the price SLV was trading when I originally posted the heads-up to MPtrader members. My attached near and intermediate-term charts of SLV suggest strongly that the upleg my work anticipated and recognized on May 8th still has some unfinished business on the upside.
Join me this week for our ongoing analysis and discussions with MPTrader members about the prospects for SLV to climb to my next optimal target of 30-32, possibly en route to a vertical assault on SLV's 2011 high above 48!
Also, please join us for my technical set-up work ahead of high-profile earnings reports from PANW, M, LOW, TOL, TGT, and NVDA...
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
On May 6, 2025, during the final hour of trading, and before AMD was scheduled to report quarterly Earnings that evening, I posted the following analysis to our MPTrader Discussion Room:AMD reports Earnings after the close... The only conviction I can derive from my pattern work is that the 4/08/25 low at 76.48, which represented a 66% correction from the March 2024 high at 227.30, has the right look of a significant low that completed a major bear phase.
On April 22, 2025, I posted the following analysis about my technical setup work in XBI (SPDR SP Biotech ETF):XBI (SPDR SP Biotech ETF)-- Could it be? Could it be that the near-40% correction from the 11/11/24 multi-year high at 105.47 to the 4/09/25 low at 66.66 fully discounted all the bad news in this sector? From a BIG Picture perspective, my attached Daily Chart shows this month's spike low into the vicinity of the previous major corrective low-zone starting in May 2022.
In the early afternoon on April 11, this was my note to our members:"IBIT (iShares Bitcoin Trust ETF)-- From a trading perspective, anyone who is in sync with the Bitcoin setup might consider owning IBIT (iShares Bitcoin ETF) against a stop below its 4/07/25 low at 42.98 (see my attached Daily Chart below)...
Last Thursday (4/17/25) afternoon, ahead of NFLX (Netflix) post-close earnings report and the three-day Good Friday holiday weekend, we discussed the technical setup and whether or not the NFLX pattern was positioned to react positively to the news : The NFLX setup heading into Earnings later today is favorable for upside continuation above the prior two rally highs at 993.45 (4/15) and 998.70 (3/25), but not to a new ATH above 1064.
Last Thursday afternoon (4/10/25), the commentary below is what I discussed with MPTrader members about my Big Picture technical setup work: Tomorrow is the final session of the week. We get some big bank Earnings and PPI before the open, and more than likely, one or more POTUS televised events that undoubtedly will move markets one way or other. Technically, tomorrow's (Friday) close will be important to my Weekly Chart Work.