by Jim Wyckoff, Senior Analyst, TraderPlanet.com
DECEMBER LIVE CATTLE
December live cattle closed down $0.47 at $92.07 today. Prices closed near the session low today. Bears have the near-term technical advantage. Prices are still in a 16-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to push prices above solid technical resistance at last week’s high of $94.25. The next downside technical objective for the bears is pushing and closing prices below solid technical support at last week’s contract low of $90.15. First resistance is seen at today’s high of $93.05 and then at $93.50. First support is seen at today’s low of $91.80 and then at $91.30.
Wyckoff’s Market Rating: 1.5
NOVEMBER FEEDER CATTLE
November feeder cattle closed down $0.05 at $98.60 today. Prices closed nearer the session low. Bears still have the near-term technical advantage. Prices are still in an 11- week-old downtrend on the daily bar chart. The next upside price objective for the feeder bulls is to push prices above solid technical resistance at $100.60, which would fill on the upside a downside price gap on the daily chart. The next downside price objective for the bears is to produce a close below solid technical support at the contract low of $94.80. First resistance is seen at today’s high of $99.42 and then at $100.00. First support is seen at today’s low of $98.25 and then at $98.00.
Wyckoff’s Market Rating: 2.5
DECEMBER LEAN HOGS
December lean hogs closed down $0.05 at $56.25 today. Prices closed near the session low again today. The recent “collapse in volatility” makes me suspect a bigger price move is on the horizon. Cash hog market fundamentals remain bearish. Hog bears still have the near-term technical advantage. Prices are still in a steep 11-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is to push prices above solid chart resistance at $57.85, which would fill on the upside a downside price gap on the daily chart. The next downside price objective for the bears is pushing prices and closing below solid technical support at $55.00. First resistance is seen at today’s high of $57.05 and then at $57.85. First support is seen at the contract low of $55.90 and then at $55.50.
Wyckoff’s Market Rating: 1.0
FEBRUARY PORK BELLIES
February pork bellies closed up $1.47 at $89.05 today.
Prices closed nearer the session high today on short covering in a bear market. Bears still have the near-term technical advantage. The next upside price objective for the bulls is pushing prices above solid technical resistance at $92.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $86.00. First resistance is seen at today’s high of $90.00 and then at $91.00. First support is seen at $88.00 and then at today’s low of $87.10.
Wyckoff’s Market Rating: 2.5
