LIVESTOCK: February live cattle closed down $0.35 at
$133.22 today. Prices closed near mid-range today in quiet,
pre-holiday trading. Some mild profit taking from recent
strong gains was seen. Bulls still have the solid near-term
technical advantage. Prices are in a seven-week-old uptrend
on the daily bar chart. The bulls’ next upside price
breakout objective is to push and close prices above solid
technical resistance at the contract high of $135.90. The
next downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
$132.50. First resistance is seen at today’s high of
$133.40 and then at $133.87. First support is seen at
$133.00 and then at last week’s low of $132.75. Wyckoff’s
Market Rating: 7.0
March feeder cattle closed down $0.50 at $154.27 today.
Prices closed near the session low today on more profit
taking from recent gains. The feeder bulls still have the
overall chart advantage. A bullish pennant pattern has
formed on the daily bar chart. The next upside price
breakout objective for the feeder bulls is to push and
close prices above solid technical resistance at last
week’s high of $157.07. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at $153.00. First resistance is
seen at $155.00 and then at $155.52. First support is seen
at $154.00 and then at 153.50. Wyckoff’s Market Rating: 6.5
February lean hogs closed up $0.65 at $87.55 today. Prices
closed near the session high and hit a fresh three-week
high today. A three-month-old uptrend is in place on the
daily chart. The bulls have the solid near-term technical
advantage. The next upside price breakout objective for the
hog bulls is to push and close prices above solid chart
resistance at the November contract high of $88.25. The
next downside price breakout objective for the bears is
pushing prices below solid technical support at $85.00.
First resistance is seen at today’s high of $87.65 and then
at $88.00. First support is seen at $87.00 and then at
today’s low of $86.70. Wyckoff’s Market Rating: 7.5
