LIVESTOCK: February live cattle closed down $0.15 at 166.92 today. Prices closed nearer the session low and closed at a four-week low close today. Bulls are fading. Another down day on Friday and the three-month-old uptrend on the daily bar chart would likely be negated. But right now the cattle market bulls still have the overall near-term technical advantage. Bulls’ next upside price objective is to push and close prices above solid resistance at this week’s high of $170.92. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the November low of $165.55. First resistance is seen at today’s high of $167.90 and then at $168.60. First support is seen at today’s low of $166.57 and then at this week’s low of $166.10. Wyckoff’s Market Rating: 6.0
January feeder cattle closed up $1.10 at $235.92 today. Prices closed near mid-range. Bulls have the near-term technical advantage. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at the November high of $238.35. 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 $231.20. First resistance is seen at today’s high of $237.12 and then at the November high of $238.35. First support is seen at $235.00 and then at today’s low of $234.52. Wyckoff’s Market Rating: 7.5
February lean hogs closed down $0.12 at $86.75 today. Prices closed nearer the session high and hit a six-week low today. The hog market bears have the near-term technical advantage as prices are in a three-week-old downtrend. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $90.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at the October low of $85.60. First resistance is seen at today’s high of $87.20 and then at $88.00. First support is seen at today’s low of $85.90 and then at $85.60. Wyckoff’s Market Rating: 4.0
