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Livestock
August live cattle closed down $0.20 at $81.62 yesterday. Prices closed nearer the session low yesterday and closed at a fresh two-month low close. The key "outside markets" were bullish for the cattle futures market yesterday, as the U.S. stock indexes were higher, crude oil prices were higher and the U.S. dollar was lower. Yet the cattle futures sold off anyway, which is a bearish clue. Cattle futures bears have the overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Bulls' next upside price objective is to push prices above solid technical resistance at $83.90. The next downside technical objective for the bears is pushing and closing prices below solid technical support at the February low of $80.70. First resistance is seen at $82.00 and then at yesterday's high of $82.20. First support is seen at yesterday's low of $81.42 and then at last week's low of $81.22.
Wyckoff's Market Rating: 2.0
Source: VantagePoint Intermarket Analysis Software
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August feeder cattle closed down $1.65 at $100.10 yesterday. Prices closed nearer the session low yesterday and hit a fresh three-week low. Prices also scored a big and bearish "outside day" down on the daily bar chart yesterday. Bears now have the near-term technical advantage. The next upside price objective for the feeder bulls is to push prices above solid technical resistance at last week's high of $103.20. The next downside price objective for the bears is to push prices below solid technical support at the May low of $97.85. First resistance is seen at $100.50 and then at $101.00. First support is seen at yesterday's low of $99.80 and then at $99.30.
Wyckoff's Market Rating: 4.0
August lean hogs closed up $0.02 at $66.00 yesterday. Prices closed nearer the session low. The key "outside markets" were bullish for the hog market yesterday, as the U.S. stock indexes were higher, crude oil prices were higher and the value of the U.S. dollar was lower. Yet hogs could get no traction. Hog futures 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 $69.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $64.00. First resistance is seen at $66.50 and then at yesterday's high of $67.00. First support is seen at the contract low of $65.45 and then at $65.00.
Wyckoff's Market Rating: 1.5
July pork bellies closed down $0.90 at $71.70 yesterday. Prices closed near the session low. Bears still 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 $76.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at the contract low of $69.60. First resistance is seen at $72.00 and then at $72.50. First support is seen at yesterday's low of $71.40 and then at $71.00.
Wyckoff's Market Rating: 1.5
Tags:futures, energies, livestock
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