LIVESTOCK: December live cattle closed steady at 158.70 Monday. Prices closed nearer the session high. Bulls still have the overall near-term technical advantage but are fading. Prices are in a two-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid resistance at last week’s high of $160.82. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $156.00. First resistance is seen at $159.50 and then at $160.00. First support is seen at today’s low of $158.25 and then at $158.00. Wyckoff’s Market Rating: 6.5
November feeder cattle closed up $1.22 at $227.55 today. Prices closed nearer the session high, scored a bullish “outside day” up on the daily bar chart and closed at a fresh contract high close today. Bulls have the solid overall near-term technical advantage. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at the contract high of $228.22. The next downside price breakout objective for the bears is to push and close prices below solid technical support at last week’s low of $222.40. First resistance is seen at $228.22 and then at $229.00. First support is seen at $227.00 and then at $226.00. Wyckoff’s Market Rating: 8.0
December lean hogs closed up $0.97 at $95.82 Monday. Prices closed nearer the session high today. Bulls and bears are on a level near-term technical playing field amid choppy trading recently. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at the September high of $99.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $90.90. First resistance is seen at today’s high of $96.07 and then at $96.75. First support is seen at $95.00 and then at today’s low of $94.52. Wyckoff’s Market Rating: 5.0
