LIVESTOCK: April live cattle closed up $1.22 at $139.02
Wednesday. Prices closed nearer the session high and hit a
fresh contract high today. Nearby futures are now at record
high levels. Also, record-high boxed beef and cash cattle
prices recently are supporting the bull run in futures.
Live cattle futures bulls are in full technical control.
History of commodity market prices shows that bull runs to
record highs can see prices move higher than most market
watchers would reckon. Bulls’ next upside price “breakout”
objective is to push and close prices above solid
resistance at $140.00. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at of $136.00. First resistance is
seen at today’s contract high of $139.20 and then at
$139.50. First support is seen at today’s low of $138.25
and then at $138.00. Wyckoff’s Market Rating: 9.0

March feeder cattle closed up $0.85 at $167.67 Wednesday.
Prices closed near the session high. The bulls still have
the solid 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
last week’s contract high of $169.40. The next downside
price breakout objective for the bears is to push and close
prices below solid technical support at $165.00. First
resistance is seen at $168.00 and then at $168.42. First
support is seen at $167.00 and then at this week’s low of
$166.40. Wyckoff’s Market Rating: 7.0

April lean hogs closed up $1.12 at $91.80 Wednesday. Prices
closed near the session high and hit a two-week high today.
An 11-week-old downtrend is in place on the daily bar
chart. The hog market bulls and bears are 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 the January high of
$92.25. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
this week’s low of $90.00. First resistance is seen at
$92.25 and then at $92.50. First support is seen at today’s
low of $91.40 and then at $91.00. Wyckoff’s Market Rating:
5.0