LIVESTOCK: April live cattle closed up $2.12 at $144.52 Wednesday. Prices gapped sharply higher on the daily bar chart and hit a fresh contract high today. Today’s big upside price move is a near-term game-changer, as it suggest more upside price action in the near term. Bulls have the solid overall near-term technical advantage. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $146.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $141.17. First resistance is seen at today’s contract high of $144.70 and then at $145.00. First support is seen at $144.00 and then at today’s low of $143.30. Wyckoff’s Market Rating: 8.5

May feeder cattle closed up $1.12 at $174.50 Wednesday. Prices closed near the session high and hit a fresh contract high today. The feeder bulls 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 $176.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at this week’s low of $172.00. First resistance is seen at today’s contract high of $174.52 and then at $175.00. First support is seen at today’s low of $173.85 and then at $173.37. Wyckoff’s Market Rating: 8.5

April lean hogs closed up $0.45 at $101.02 Wednesday. Prices closed near mid-range and hit another fresh contract high today. There are very bullish cash hog market fundamentals at work. Hog futures bulls have the solid overall near-term technical advantage. Prices are in a steep six-week-old uptrend on the daily bar chart. However, this market is still short-term overbought, technically, and due for at least a decent downside correction very soon. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $102.50. The next downside price breakout objective for the bears is pushing prices below solid technical support at $98.00. First resistance is seen at today’s contract high of $101.57 and then at $102.00. First support is seen at today’s low of $100.72 and then at $100.00. Wyckoff’s Market Rating: 8.5