LIVESTOCK: April live cattle closed down $0.90 at$129.55 yesterday. Prices closed near the session low yesterday. Cattle market bears have the overall near-term technical advantage. However, last Thursday’s and Friday’s upside price action, including a bullish weekly high close onFriday, does begin to hint that a market low is in place.However, bulls will have to show fresh power very soon to better support that notion. Prices are still in a three-week-old downtrend on the daily bar chart. The bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at $132.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $127.62. First resistance is seen at $130.00 and then at last week’s high of $130.55. First support is seen at $129.00 and then at $128.40. Wyckoff’sMarket Rating: 3.0
April feeder cattle closed down $0.47 at $146.15 yesterday. Prices last week hit a contract low. The feeder bears have the solid near-term technical advantage. However, I would not be surprised if prices bottomed out last week, or areclose to it. The recent strong downside price action appears to be a “washout” price move that usually puts in market bottoms. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $149.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at the contract low of $143.30. First resistance is seen at $147.00 and then at $147.30. First support is seen at $145.50 and then at 145.00. Wyckoff’s Market Rating: 2.0
April lean hogs closed down $1.22 at $83.02 yesterday. Prices closed near the session low yesterday and hit a fresh 7.5-month low. The hog bears have the solid overall near-term technical advantage. A choppy three-month-old downtrend is in place on the daily bar chart. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $85.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at $82.00. First resistance is seen at $83.50 and then at $84.00. First support is seen at yesterday’s low of $83.00 and then at $82.50. Wyckoff’s Market Rating: 2.0
