LIVESTOCK: June live cattle closed up $0.32 at $135.25 Tuesday. Prices closed near the session high today on short covering, mild bargain hunting and some chart consolidation after hitting a five-week low on Monday. The live cattle futures bulls have lost their overall near-term technical advantage. A two-week-old downtrend is in place on the daily bar chart. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $137.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $133.50. First resistance is seen at $136.00 and then at $136.50. First support is seen at today’s low of $134.87 and then at this week’s low of $134.42. Wyckoff’s Market Rating: 5.0
May feeder cattle closed up $0.25 at $178.87 Tuesday. Prices closed nearer the session high today. Bulls have the solid overall near-term technical advantage. Prices are in a 4.5-month-old uptrend on the daily bar chart. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the contract high of $180.30. 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 $176.62. First resistance is seen at $179.50 and then at $180.00. First support is seen at today’s low of $178.45 and then at this week’s low of $177.75. Wyckoff’s Market Rating: 7.5
June lean hogs closed down $2.92 at $118.75 Tuesday. Prices closed near the session low and hit another four-week low today. The bears now have the near-term technical advantage as prices are in a three-week-old downtrend 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 this week’s high of $121.75. The next downside price breakout objective for the bears is pushing prices below solid technical support at $116.00. First resistance is seen at $119.50 and then at $120.00. First support is seen at today’s low of $118.67 and then at $118.00. Wyckoff’s Market Rating: 4.0
