23:17pm EST UPDATE
The five day moving average is now declining but will not consider this a bear market until the support level at 36.25 with a confirmed breakdown. If it holds this level then this will either mean the market to go neutral and thus the five day average will trade sideways as well or it will get back above the five and reverse back to the upside and thus making todays selling a failed move technically speaking. Still kind of sickening that we have to rely on a market that is so heavily manipulated or far free having free price movements. In my opinion the only way this should be traded, is by trading silver. This means to buy you either take the lowest ask price offered or put a bid order in yourself and wait. If you want to sell then choose the bid price offered or put an ask order in and make sure you have the silver in some sort of NON FRACTIONAL bank that has the silver or you can deliver to the bank. When you consider we have many millions traded per day the same silver can be swapped dozens of times per day, assuming of course it is real silver. High Frequency trading can buy at 37.20 and sell it back at 37.28 two minutes later and then make these two or five or short trades hundreds of times per day. This is not productive for society at all in my opinion however if people are still interested in buying/selling at these levels I will continue to update these charts as people whom are selling close to spot are doing so and thus they are complying with the price controls that controls the world financial system. Thats all I got for tonight. Be back late Thursday morning either on the blog and/or youtube.
END OF DAY REPORT - Article below will explain a lot of the action, but gold and silver traded different and this move was specific towards the silver market today as silver got crushed as gold went up today. Don't ya love this manipulation? We'll you don't have to, but the corruption of dollar manipulation is the reason I buy the physical. Next update will be later tonight between 11pm and 12pm est.
No support was found at the fibonacci mark and it kept going lower. This doesn't say fibonacci was a failure other then realizing from adjusting to the message of the market that the failure to not find support at this level created a fast move to thus make a double top formation. It really isn't official until it can break below the key support mark, but when you look at todays volume with SLV it seems something was going on because at 3:24pm the volume brought 250,000 which isn't that large, but it was the highest it had seen in about an hour but at 3:38pm there was 2.7 Million volume (or 2.7 million ounces of silver) was dumped and the SLV shares dropped forty cents in that minute alone and it followed with more selling and high volume. That hour had a 4% move top to bottom as the silver price lost over a dollar. Volume overall was still light with only a little over fifty million ounces being traded (paper silver of course) and of that 13.5 million was traded in the last thirty minutes alone from 3:30 to 4:00pm. As far as I know, APMEX and other sites are accepting price controls for silver, however they do charge an x% higher from what the government tells them to sell it for and as I type this at 4:14pm it is $36.74.
Normally the market is really volatile from around 6am to 10am eastern time and then it cools off a little bit and today is quite the opposite. At 10:01 the movements got really wild as the market sunk fast and furious which was followed by a huge lift higher and yet another big move lower. It's very tough to say what is going on now as the five day average test is still in process. The market has been experiencing lower volatility over the last few days and this move is most likely yet another precursor to something else. The difference top to bottom over the last couple hours or so is from $37.55 to $38.44 or that of 89 cents. The move is a little over two percent and is still tame from what he had encountered a few weeks ago. After all the average move during a sixty minute period was two percent and therefore still peanuts to what we have been finding. I figured the chances were good that a fifty day test would occur before a breakdown of the five and this can still be the case because the five has been holding the early stages of the test and that is very normal. The five day average is rising and its pretty much at the level now showing cautious and bullish. The fifty day average is flat and below it and showing neutral action being pretty close to its level and the two hundred average is rising and has not been tested or touched in around nine months. This makes it very hard to get a clear direction right now and especially when the market is driven within' fraudulent methods. I was about 70-75% confident on the five and that has been reduced to 65-70% because its not uncommon for moves like this to occur where it can go above and below a key level a few times before it breaks away either up or down.