9/29/2011 - XAG/USD - SILVER Spot/SILVER FUTURES

THE VULCAN REPORT
Review of $0$ XAG/USD - SILVER Spot/SILVER FUTURES (XAG USD)
as of Wednesday, September 28, 2011


Today's Price Action


Change   -1.9500 (-6.11%) prices closed lower than they opened. with weak Bids going into the close. 


An engulfing bearish line occurred (where a black candle's real body completely contains the previous white candle's real body).  The engulfing bearish pattern is bearish during an uptrend.  It then signifies that the momentum may be shifting from the bulls to the bears.  


If the engulfing bearish pattern occurs during a downtrend (which appears to be the case with $0$ XAG/USD - SILVER Spot/SILVER FUTURES), it may be a last engulfing bottom which indicates a bullish reversal.  The test to see if this is the case is if the next candle closes above the bottom the current (black) candle's real body.


     MARKET SENTIMENT
  
PulseScan Swing Vix


PulseScan:    -27.93
Swing Vix:    -28.90


The Market Pulse is negative since it is trading below its zero signal line.The PulseScan crossed above the Swing Vix creating a UP Trend Channel as of    2 period(s) ago. The Swing Vix is not currently in a topping (above 39) or bottoming (below -39) range.    
A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area.  


*The last signal was a Over-Sold Buy  2 period(s) Ago.
The Swing Vix does not currently show any Failure Swings.The security price has set a new 14-period low while the Swing Vix has not.  This is a bullish divergence. Since the PulseScan leads the market 3-5 days out we will wait to see if an upside breakout occurs.
      
  *Since the last Swing Vix signal, $0$ XAG/USD - SILVER Spot/SILVER FUTURES's price has decreased 2.66%, and has ranged from a high of  33.58 to a low of  26.15.


     MOMENTUM


     MARKET TREND - Currently the TREND is VERY-BEARISH - Heavy Distribution.


        TREND STRENGTH - WEAK - RANGE BOUND  (Prices have ceased trending and have become consolidated at this time) The market has put in a short term bottom. This means that the bears are liquidating short positions thus taking some profit off the table.,,,BEARISH MOMENTUM


TRENDLINE RETRACEMENT
The close is currently Below it's PulseWave Cycle TRENDLINE RETRACEMENT. -    35.42


The close is currently Below it's Long Term TRENDLINE RETRACEMENT. -    33.78




INTRADAY PRICE PROJECTIONS
RESISTANCE    34.17 -   


SUPPORT    27.37 -  -  


WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE -    44.75-  


PulseWave BreakOut SUPPORT -    37.04-  




MONTHLY PRICE PROJECTIONS
Long term Trend Line resistance is currently at -    35.42
Long term Trend Line support is currently at -    21.03
BEAR MARKET DOWNTREND - (12-18mo)  PRICE TARGET =    -7.76


VOLATILITY
On 9/28/2011, $0$ XAG/USD - SILVER Spot/SILVER FUTURES closed below the lower band by 2.3%.