Conclusion, Investment Implications, Strategy
The iShares MSCI Global Silver and Metals Miners ETF (SLVP) is in the midst of a Mar 21st major uptrend that was most recently tested and held on Aug 5th and Sep 6th. Meanwhile, the total net assets invested in SLVP are in a Sep 12th trend of monthly expansion while SLVP is also in a Sep 12th trend of Strategic relative outperformance versus the S&P 500 (SPY). Together, these factors establish favorable conditions for more outright strength and relative outperformance from silver miners and related asset prices.
IWM Trending Higher Amid Expanding Assets & Relative Outperformance Versus Stocks
The upper panel of Chart 1 below shows that the iShares MSCI Global Silver and Metals Miners ETF (SLVP) is in the midst of a Mar 21st major uptrend according to its position above its 200-day moving average, a trend that was recently tested and held on Aug 5th and Sep 6th. SLVP is also breaking out above its 157.52 Feb 15th benchmark high. The middle panel shows that the total net assets invested in SLVP (AUM) are in the midst of a Sep 12th trend of monthly expansion. Expanding assets indicate bullish conviction in higher prices. The lower panel shows that SLVP is also in the midst of a Sep 12th trend of Strategic (quarterly) relative outperformance versus the benchmark S&P 500 (SPY).
As long as these three conditions remain true, SLVP is likely to continue moving higher in the weeks ahead.
Current Sector & Industry Group Ideas
Table 1 below is also accessible via the Asbury ETF Trade Ideas rectangle at the top of the Research Center.
Click the table to make it larger