February live cattle closed down $1.25 at $131.95 Tuesday. Prices closed nearer the session low and hit a fresh two-month low today. More heavy profit-taking pressure was featured. The cattle futures bulls have lost their overall near-term technical advantage, to suggest that a major market top is now in place. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at last week’s high of $134.90. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the September low of $129.85. First resistance is seen at today’s high of $132.72 and then at $133.20. First support is seen at today’s low of $131.95 and then at $131.50. Wyckoff’s Market Rating: 5.0

January feeder cattle closed down $1.80 at $162.50 Tuesday. Prices closed near the session low and hit a fresh two-month low. Serious chart damage has been inflicted this week to suggest prices will continue to trend sideways to lower in the near term. A six-week-old downtrend is in place on the daily bar chart. The feeder bears have the 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 the November high of $166.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $160.00. First resistance is seen at $163.00 and then at today’s high of $163.67. First support is seen at today’s low of $162.50 and then at $162.00. Wyckoff’s Market Rating: 4.0

February lean hogs closed up $0.07 at $89.97 Tuesday. Prices closed near mid-range today. The hog market bears have the near-term technical advantage. Prices are in a steep three-week-old downtrend 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 November high of $92.35. The next downside price breakout objective for the bears is pushing prices below solid technical support at $87.50. First resistance is seen at this week’s high of $90.40 and then at $90.85. First support is seen at last week’s low of $89.55 and then at $89.00. Wyckoff’s Market Rating: 4.0