LIVESTOCK: October live cattle closed down $2.70 at 147.75 Tuesday. Prices closed nearer the session low and hit a seven-week low today. Worries about the beef market fundamentals weakening have hit the futures market hard recently, to suggest a major market top is in place. Serious near-term chart damage has also been inflicted recently. Bears now have the near-term technical advantage as a three-week-old downtrend is in place on the daily bar chart. Bulls’ next upside price objective is to push and close prices above strong resistance at $151.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $145.00. First resistance is seen at $149.00 and then at $150.00. First support is seen at today’s low of $147.45 and then at $147.00. Wyckoff’s Market Rating: 4.0

October feeder cattle closed down $2.70 at 213.65 Tuesday. Prices closed nearer the session low and closed at a three-week low close today. The bulls still have the overall near-term technical advantage, but are fading. This is a very mature bull market run and there is probably not much left on the upside. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at $217.50. 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 $211.90. First resistance is seen at 214.00 and then at $215.00. First support is seen at $213.00 and then at $211.90. Wyckoff’s Market Rating: 5.5

October lean hogs closed down the $3.00 limit at $97.17 Tuesday. Prices hit a four-month low today. A steep five-week-old downtrend is in place on the daily bar chart. Bears have the firm near-term technical advantage. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $100.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at $95.00. First resistance is seen at $98.00 and then at today’s high of $99.12. First support is seen at $97.00 and then at $96.00. Wyckoff’s Market Rating: 3.0