by Jim Wyckoff, Senior Analyst TraderPlanet.com
OCTOBER LIVE CATTLE
October live cattle closed up $0.02 at $105.80 yesterday. Prices closed near the session low yesterday. A bullish cattle on feed report issued Friday afternoon did not help the nearby cattle futures contractmuch. Prices are in a nine-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid resistance at $107.00. The next downside technical objective for the bears is pushing and closing prices below solid technical support at the August low of $104.25. First resistance is seen at $106.00 and then at yesterday’s high of $106.65. First support is seen at $105.50 and then at $105.00.
Wyckoff’s Market Rating: 5.0
NOVEMBER FEEDER CATTLE
November feeder cattle closed down $0.05 at $112.25 yesterday. Prices closed near mid-range in quiet tradingyesterday. The recent pause after the steep downtrend is not bullish. Bears still have some downside technical momentum on their side. Prices are in a four-week-old downtrend on the daily bar chart. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at $113.15. The next downside price objective for the bears is to produce a close below solid support at the August low of $111.15. First resistance is seen at yesterday’s high of $112.55 and then at $113.15. First support is seen at yesterday’s low of $111.85 and then at $111.15.
Wyckoff’s Market Rating: 5.0
OCTOBER LEAN HOGS
October lean hogs closed up $0.25 at $74.00 yesterday. Prices closed nearer the session high after hitting a fresh four- week low early on yesterday. Bulls still have the slight overall near-term technical advantage, but have faded badly. Prices are in a three-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is to push and close prices above solid chart resistance at $75.00. The next downside price objective for the bears is pushing prices and closing below solid technical support at yesterday’s low of $73.10. First resistance is seen at yesterday’s high of $74.20 and then at $74.50. First support is seen at $73.50 and then at yesterday’s low of $73.10.
Wyckoff’s Market Rating: 5.5
FEBRUARY PORK BELLIES
February pork bellies closed down $0.17 at $97.05 yesterday. Prices closed near the session high. Bulls still have the near-term technical advantage, but have faded. The next upside price objective for the bulls is closing prices above solid technical resistance at $100.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $95.60. First resistance is seen at $97.50 and then at $98.00. First support is seen at $96.00 and then at $95.60.
Wyckoff’s Market Rating: 5.5
