S&P: Nearing a Top but Needs Higher Highs

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Silver sold off hard, but veteran momentum analyst Michael Oliver says the pullback is a “very sharp, but non-event” and a classic “midpoint stumble,” we've not reached the top.

In this interview with Trey Reik, Oliver explains his Momentum Structural Analysis approach and why major trend shifts often show up first in momentum structure, before price “smacks you in the face.” He argues that silver’s breakout versus gold and the broader relative-performance breakouts (metals and miners vs equities) suggest the move is still early, adding: “You don’t break out over a 10-year wide base and expect to see the top in two months.” Oliver also contrasts this with Bitcoin, calling it a “broken asset” after key long-term momentum structure failed.

Finally, he shares why commodities may be entering a “second leg” higher, why miners remain historically undervalued relative to gold, and what he’s watching as U.S. equities move through a late-cycle topping process.

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