LIVESTOCK: August live cattle closed up $1.05 at $122.17 yesterday. Prices closed nearer the session high yesterday and hit a fresh seven-week high. Prices late last week saw a bullish upside “breakout” from a trading range at lower price levels, which does hint that a market bottom is in place and that prices can trend sideways to higher in the near term. Cattle futures bulls and bears are now back on a level near-term technical playing field. Bulls next upside price “breakout” objective is to push prices above solid resistance at the May high of $124.10. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $119.50. First resistance is seen at yesterday’s high of $122.30 and then at $122.50. First support is seen at $121.50 and then at this week’s low of $121.00. Wyckoff’s Market Rating: 5.0
August feeder cattle closed up $1.05 at $148.92 yesterday. Prices closed near the session high yesterday and hit a fresh seven-week high. Prices have seen a bullish upside “breakout” from the recent trading range at lower price levels, to suggest a market bottom is in place and that prices can begin to trend higher. The feeder bulls now have the slight overall 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 $150.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $146.00. First resistance is seen at $149.00 and then at $149.50. First support is seen at $148.00 and then at yesterday’s low of $147.75. Wyckoff’s Market Rating: 5.5
August lean hogs closed down $0.05 at $97.65 yesterday. Prices closed near the session low. Trading has been choppy at higher price levels. Hog bulls still have the solid near-term technical advantage. Prices are in a 3.5-month-old uptrend 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 the contract high of $100.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at $96.25. First resistance is seen at $98.10 and then at yesterday’s high of $98.50. First support is seen at this week’s low of $97.25 and then at $96.90. Wyckoff’s Market Rating: 7.5
