LIVESTOCK: June live cattle closed up $0.20 at $137.02 Tuesday. Prices closed nearer the session high today. A bullish USDA cattle-on-feed report last Friday has limited the downside in cattle this week. Still, when a market cannot rally on fresh, bullish news, that’s a bearish sign. The bulls do have the near-term technical advantage. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $138.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $135.25. First resistance is seen at this week’s high of $137.47 and then at $138.00. First support is seen at this week’s low of $136.50 and then at $136.00. Wyckoff’s Market Rating: 6.0
August feeder cattle closed up $0.20 at $186.55 Tuesday. Prices closed nearer the session high and poked to another fresh contract high. Bulls have the solid overall near-term technical advantage. However, the market is over-extended and due for at least a good corrective pullback very soon. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $187.50. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $183.00. First resistance is seen at today’s contract high of $186.75 and then at $187.00. First support is seen at today’s low of $186.00 and then at $185.20. Wyckoff’s Market Rating: 9.0
June lean hogs closed up $1.05 at $125.27 Tuesday. Prices closed near the session high. The bulls have the near-term technical advantage. A three-week-old uptrend line is in place on the daily bar chart. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at last week’s high of $127.50. The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $121.50. First resistance is seen at today’s high of $125.65 and then at $126.00. First support is seen at today’s low of $123.75 and then at this week’s low of $123.10. Wyckoff’s Market Rating: 6.0
