LIVESTOCK: February live cattle closed down $0.55 at $132.95 Tuesday. Prices closed near the session low. Trading remains choppy. Bulls and bears are still on a level near-term technical playing field. However, the cash cattle market fundamentals have deteriorated a bit following last week’s lower cash cattle trade. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at the November high of $134.90. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the November low of $131.27. First resistance is seen at today’s high of $133.40 and then at this week’s high of $133.67. First support is seen at this week’s low of $132.50 and then at last week’s low of $132.12. Wyckoff’s Market Rating: 5.0

January feeder cattle closed down $1.27 at $167.12 Tuesday. Prices closed near the session low on profit taking from recent gains. Prices Monday hit a seven-week high. The feeder bulls still have the 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 the October high of $169.22, which is the contract high. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $166.00. First resistance is seen at today’s high of $167.92 and then at this week’s high of $168.45. First support is seen at $166.60 and then at $166.00. Wyckoff’s Market Rating: 6.5

February lean hogs closed down $0.97 at $85.65 Tuesday. Prices closed near the session low and hit another fresh 3.5-month low today. A seven-week-old downtrend is in place on the daily bar chart. The hog market bears have the 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 $88.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at $84.00. First resistance is seen at $86.00 and then at today’s high of $86.70. First support is seen at today’s low of $85.55 and then at $85.00. Wyckoff’s Market Rating: 3.0