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Livestock
August live cattle closed up $0.05 at $83.82 yesterday. Prices closed near the session high again yesterday on more tepid short covering in a bear market. Prices last Friday did produce a bullish weekly high close. The key "outside markets" were mostly bullish for the cattle market yesterday, as the U.S. stock indexes were sharply higher and crude oil prices turned higher as the session wore on. Cattle bears still have the overall near-term technical advantage. Bulls' next upside price objective is to push prices above solid technical resistance at the May high of $84.40. The next downside technical objective for the bears is pushing and closing prices below solid technical support at the May low of $81.60. First resistance is seen at last week's high of $83.90 and then at $84.00. First support is seen at yesterday's low of $83.25 and then at $83.00.
Wyckoff's Market Rating: 3.5
Source: VantagePoint Intermarket Analysis Software
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August feeder cattle closed up $0.65 at $102.57 yesterday. Prices closed nearer the session high yesterday and hit a fresh 6.5-month high. Recent months have seen feeder prices back off from present price levels. However, if there is good follow-through buying interest on Wednesday, the bulls would gain fresh upside near-term technical momentum. The next upside price objective for the feeder bulls is to push prices above solid technical resistance at the November 2008 high of $103.70. The next downside price objective for the bears is to push prices below solid technical support at $100.00. First resistance is seen at yesterday's high of $102.80 and then at $103.00. First support is seen at yesterday's low of $102.15 and then at $101.50.
Wyckoff's Market Rating: 6.0
August lean hogs closed down $0.37 at $68.25 yesterday. Prices closed near mid-range. Hog bears have the solid overall technical advantage. The next upside price objective for the bulls is to push and close prices above solid chart resistance at $70.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at the contract low of $66.95. First resistance is seen at yesterday's high of $68.55 and then at $69.00. First support is seen at yesterday's low of $68.05 and then at last week's low of $67.42.
Wyckoff's Market Rating: 1.5
August pork bellies closed steady at $73.50 yesterday. Prices closed near the session high. Bears have the overall near- term technical advantage. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at $75.60, which is the bottom of a downside 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 $70.50. First resistance is seen at $74.00 and then at $75.00. First support is seen at yesterday's low of $72.70 and then at $72.00.
Wyckoff's Market Rating: 2.0
Tags:futures, energies, livestock
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