JimWyckoff's Commentaries
April live cattle closed down $0.70 at $127.75 yesterday. Prices closed near mid-range yesterday on more profit-taking pressure. The key "outside markets" were in a bearish posture for the cattle market yesterday, as the U.S. dollar index was higher and the crude oil futures market was lower. The cash market fundamentals in cattle have deteriorated a bit, which has pressured futures. Cattle futures bulls still have the overall near-term technical advantage. Prices are still in a seven-week-old uptrend on the daily bar chart, but now just barely. The bulls' next upside price breakout objective is to push and close prices above solid technical resistance at the contract high of $129.70. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $126.50. First resistance is seen at yesterday's high of $128.15 and then at $128.52. First support is seen at yesterday's low of $127.22 and then at $127.00.
Wyckoff's Market Rating: 6.5
Source: VantagePoint Intermarket Analysis Software
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March feeder cattle closed down $0.27 at $154.32 yesterday. Prices closed near mid-range in quieter trading yesterday and saw more profit taking after prices hit a contract high last week. Feeder bulls still have the solid near-term technical advantage and there are still no early technical clues that a market top is close at hand. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at $157.50. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $152.50. First resistance is seen at $154.70 and then at the contract high of $155.40. First support is seen at yesterday's low of $153.90 and then at $153.60.
Wyckoff's Market Rating: 8.0
April lean hogs closed down $0.17 at $87.20 yesterday. Prices closed nearer mid-range yesterday. The key "outside markets" were in a bearish posture for the hog market yesterday, as the U.S. dollar index was higher and the crude oil futures market was lower. Hog bears have the solid overall near- term technical advantage. The next upside price breakout objective for the bulls is to push and close prices above solid chart resistance at last week's high of $89.22. The next downside price breakout objective for the bears is pushing prices below solid technical support at the December low of $85.50. First resistance is seen at $87.60 and then at $88.00. First support is seen at yesterday's low of $86.85 and then at last week's low of $86.25.
Wyckoff's Market Rating: 2.5
