LIVESTOCK: October live cattle closed up $0.12 at $125.97 yesterday. Prices closed near the session low yesterday. Cattle futures bulls have the near-term technical advantage amid choppy trading. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at the July high of $126.95. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $124.55. First resistance is seen at yesterday’s high of $126.55 and then at $126.95. First support is seen at $125.50 and then at $125.00. Wyckoff’s Market Rating: 5.5
August feeder cattle closed up $0.67 at $153.27 yesterday. Prices closed near the session low yesterday. The feeder bulls have the overall near-term technical advantage. Prices are in a six-week-old uptrend 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 the April high of $154.40. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $151.00. First resistance is seen at yesterday’s high of $153.50 and then at last week’s high of $154.15. First support is seen at $153.00 and then at $152.50. Wyckoff’s Market Rating: 6.5
October lean hogs closed down $0.30 at $84.50 yesterday. Prices closed near mid-range yesterday and hit a fresh two-week low. Prices Friday closed at a bearish weekly low close. The bears have quickly gained downside near-term technical momentum to suggest a market top is in place. A bearish double-top reversal pattern is forming on the daily bar chart. Hog market bulls and bears are presently on a level near-term technical playing field. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $86.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at the June low of $83.45. First resistance is seen at yesterday’s high of $85.00 and then at $85.50. First support is seen at yesterday’s low of $84.20 and then at $84.00. Wyckoff’s Market Rating: 5.0
