LIVESTOCK: June live cattle closed up $0.27 at $121.45 yesterday. Prices closed near the session low yesterday. More tepid short covering was seen as prices hover not far above the recent contract low. Cattle futures bears still have the solid overall near-term technical advantage. The bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at $123.60. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $120.00. First resistance is seen at yesterday’s high of $121.90 and then at last week’s high of $122.67. First support is seen at $121.00 and then at $120.47. Wyckoff’s Market Rating: 1.5
May feeder cattle closed up $0.27 at $140.52 yesterday. Prices closed near mid-range yesterday and saw tepid short covering in a bear market. The feeder bears still have the solid near-term technical advantage. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $142.50. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $138.00. First resistance is seen at yesterday’s high of $141.00 and then at last week’s high of $141.62. First support is seen at $140.00 and then at $139.50. Wyckoff’s Market Rating: 1.5
June lean hogs closed up $1.05 at $90.77 yesterday. Prices closed near the session high yesterday and saw more short covering in a bear market. While the hog bears still have the overall near-term technical advantage, the June hogs have scored gains for days in a row and the bulls have gained a bit of upside technical momentum to begin to suggest that a market bottom is in place. However, the bulls have more work to do to suggest prices can sustain an uptrend. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at the March high of $92.12. The next downside price breakout objective for the bears is pushing prices below solid technical support at the contract low of $87.20. First resistance is seen at $91.00 and then at $91.50. First support is seen at $90.00 and then at yesterday’s low of $89.45. Wyckoff’s Market Rating: 2.5
