Conclusion, Investment Implications, Strategy
The iShares MSCI Global Silver and Metals Miners ETF (SLVP) has recently broken formidable overhead resistance at 15.72 and is trading at its highest level since mid 2021. This is being accomplished amid monthly expansion in investor assets, which indicates conviction in even higher prices, plus quarterly relative outperformance versus the S&P 500 (SPY). Together, these factors establish favorable conditions for more outright strength and relative outperformance by SLVP and other silver related assets.
SLVP Setting Four-Year Highs Amid Expanding Assets And Relative Outperformance Versus SPX
The upper panel of Chart 1 below shows that the iShares MSCI Global Silver and Metals Miners ETF (SLVP) has, with few exceptions, been above its 200-day moving average since November 2024 to indicate a major uptrend. Not shown is that this major uptrend was initiated in March 2024. The middle panel shows that the total net assets invested in SLVP (AUM) moved back above their 21-day moving average on Apr 10th to indicate a monthly trend of expanding assets that is characteristic of sustainable bullish Tactical price advances. The lower panel shows that SLVP has been outperforming the S&P 500 on a 63-day quarterly basis since Jan 30th.
As long as these three conditions remain intact, SLVP will likely continue moving higher in the weeks ahead.
Chart 1
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