June live cattle closed up $0.15 at $82.52 yesterday. Prices closed near mid-range yesterday. The key "outside markets" were solidly bullish for cattle yesterday, as crude oil and stock index futures prices were sharply higher, while the value of the U.S. dollar was lower. yet, cattle could only manage paltry gains, which is a bearish clue. Cattle bears still have the overall near-term technical advantage. Bulls' next upside price objective is to push prices above solid technical resistance at last week's high of $83.90. The next downside technical objective for the bears is pushing and closing prices below solid technical support at the May low of $81.15. First resistance is seen at yesterday's high of $82.90 and then at $83.25. First support is seen at yesterday's low of $82.30 and then at $82.00.

Wyckoff's Market Rating: 2.5

Source: VantagePoint Intermarket Analysis Software

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August feeder cattle closed up $0.17 at $101.82 yesterday. Prices closed near mid-range yesterday. Bulls still have the slight near-term technical advantage. The next upside price objective for the feeder bulls is to push prices above solid technical resistance at the April high of $102.70. The next downside price objective for the bears is to push prices below solid technical support at $99.30, which is the bottom of an upside price gap on the daily chart. First resistance is seen at last week's high of $102.30 and then at $102.50. First support is seen at yesterday's low of $101.60 and then at $101.00.

Wyckoff's Market Rating: 5.5

June lean hogs closed up $0.25 at $66.77 yesterday. Prices closed nearer the session high yesterday. The key "outside markets" were solidly bullish for hogs yesterday, as crude oil and stock index futures prices were sharply higher, while the value of the U.S. dollar was lower. Yet hogs could not rally much, which is a bearish clue. Hog bears have overall technical advantage and are now regaining downside technical momentum. The next upside price objective for the bulls is to push and close prices above solid chart resistance at last week's high of $69.22. The next downside price objective for the bears is pushing and closing prices below solid technical support at the contract low of $63.70. First resistance is seen at yesterday's high of $67.30 and then at $67.80. First support is seen at last week's low of $66.47 and then at $66.20.

Wyckoff's Market Rating: 2.0

August pork bellies closed up $0.5 at $74.25 yesterday. Prices again hit a fresh three-month low yesterday. Bears have the solid overall near-term technical advantage. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at $77.40, which is the top of an upside price gap on the daily chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at the contract low of $73.10. First resistance is seen at $75.00 and then at $75.60. First support is seen at yesterday's low of $73.75 and then at $73.00.

Wyckoff's Market Rating: 1.0