LIVESTOCK: April live cattle closed up $1.02 at $128.57 yesterday. Prices closed nearer the session high yesterday on short covering in a bear market. Prices Friday hit a 10-month low. The market was supported yesterday by some improving cash cattle market fundamentals to start the week. Cattle futures bears still have the solid overall near-term technical advantage. Good follow-through buying interest and solid gains on Tuesday would begin to hint that a market bottom is in place. The bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the March high of $130.80. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $127.20. First resistance is seen at $129.00 and then at $129.35. First support is seen at $128.00 and then at $127.50. Wyckoff’s Market Rating: 2.0

April feeder cattle closed up $0.02 at $141.37 yesterday. Prices saw tepid short covering in a bear market. Prices Friday hit a contract low. 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 $143.50. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $140.00. First resistance is seen at yesterday’s high of $142.02 and then at $142.50. First support is seen at Friday’s contract low of $140.95 and then at $140.50. Wyckoff’s Market Rating: 1.0

April lean hogs closed down $0.92 at $81.10 yesterday. Prices closed nearer the session low yesterday. Price action late last week still hints at a market bottom being in place, but the bulls will have to show fresh power early this week to support that notion. The hog bears still have the overall 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 $83.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at $80.00. First resistance is seen at yesterday’s high of $81.70 and then at last week’s high of $82.25. First support is seen at yesterday’s low of $80.90 and then at $80.37. Wyckoff’s Market Rating: 2.0