Today even when silver and SPY were dipping, SLW was rising. Pretty good show of relative strength.
The HUI : SPY weekly ratio has tentatively broken out.
The SLW : silver ratio is also looking like SLW price can easily go higher: SLW is leading silver by a lot. The orange arrows show that the ratio has already broken out to the upside. Typically a sign of strength.
Update: And just the fact that price had an outside up day and did not really test the January high and 170 EMA — that also shows strength.