by Jim Wyckoff, Senior Analyst TraderPlanet.com

AUGUST LIVE CATTLE

August live cattle closed up $0.27 at $91.42 today. Prices closed nearer the session low. Gains were limited today by weakening boxed beef prices. The bears’ next downside price objective is closing prices below solid chart support at last week’ low of $90.92. The bulls’ next upside technical price objective is closing prices above solid chart resistance at $92.50. First resistance is seen at today’s high of $91.80 and then at $92.05. First support is seen at today’s low of $91.25 and then at $90.92.

Wyckoff’s Market Rating: 5.0.

AUGUST FEEDER CATTLE

August feeder cattle closed up $0.60 at $111.55 today. Prices closed near the session high after hitting a fresh three-week low early on today. Lower corn prices did give the feeder bulls a bit of a lift today. No serious chart damage has occurred recently. Bulls still have the overall near-term technical advantage. The next upside price objective for the feeder bulls is to produce a close above solid chart resistance at the contract high of $114.40. The next downside price objective for the bears is closing prices below solid support at $110.00. First resistance is seen at Tuesday’s high of $111.70 and then at $112.00. First support is seen at today’s low of $110.75 and then at $110.00.

Wyckoff’s Market Rating: 7.0

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Source: VantagePoint Intermarket Analysis Software


AUGUST LEAN HOGS

August lean hogs closed up $0.65 at $73.52 today. Prices closed nearer the session high and scored a bullish “outside day” up on the daily bar chart, after hitting a fresh 4.5-month low early on. If there is good follow-through buying on Wednesday, then a bullish “key reversal” up on the daily bar chart would be confirmed, which would also suggest a near-term low is in place. My bias is still that there is more upside potential for the hog market than there is downside potential. The next upside price objective for the bulls is closing prices above solid chart resistance at the mid-May high of $74.50. The next downside price objective for the bears is closing prices below solid technical support at today’s low of $72.45. First resistance is seen at today’s high of $73.70 and then at $74.00. First support is seen at $73.00 and then at $72.45.

Wyckoff’s Market Rating: 5.5.

JULY PORK BELLIES

July pork bellies closed down $0.05 at $102.07 today. Prices closed near the session low. A nine-week-old downtrend line is still in place on the daily bar chart. The next upside price objective for the bulls is closing prices above solid resistance at the May high of $105.42. The next downside price objective for the bears is closing prices below solid chart support at last week’s low of $100.75. First resistance is seen at $102.50 and then at $103.00. First support is seen at today’s low of $101.90 and then at $101.35 and then at $100.75.

Wyckoff’s Market Rating: 5.0

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