October live cattle closed down $0.07 at $91.87 yesterday. Prices closed nearer the session high and did hit a fresh 6.5-month high yesterday. Bulls still have upside near-term technical momentum after producing a bullish weekly high close on Friday and then some mild profit-taking pressure yesterday. A six-week-old uptrend is in place on the daily bar chart. Bulls' next upside price objective is to push and close prices above solid technical resistance at the January high of $92.70. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $89.62. First resistance is seen at yesterday's high of $92.05 and then at $92.50. First support is seen at $91.50 and then at yesterday's low of $90.95.

Wyckoff's Market Rating: 7.0.

Source: VantagePoint Intermarket Analysis Software

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August feeder cattle closed down $0.12 at $104.47 yesterday. Prices closed near mid-range. The feeder cattle bulls still have the overall near-term technical advantage after posting a weekly high close and a fresh 9.5-month high close on Friday. Prices are still in a six-week-old uptrend on the daily bar chart. The next upside price objective for the feeder bulls is to push prices above solid technical resistance at $106.00. The next downside price objective for the bears is to push prices below solid technical support at $102.60. First resistance is seen yesterday's and last week's high of $104.90 and then at $105.50. First support is seen at yesterday's low of $103.95 and then at $103.50.

Wyckoff's Market Rating: 7.0

October lean hogs closed down $0.07 at $60.47 yesterday. Prices closed nearer the session high. Bulls have gained some fresh upside near-term technical momentum after Friday's bullish weekly high close. It does appear that a major low is in place. The next upside price objective for the bulls is to push prices above solid chart resistance at $62.20. The next downside price objective for the bears is pushing and closing prices below solid technical support at $58.00. First resistance is seen at last week's high of $60.85 and then at $61.00. First support is seen at $60.00 and then at $59.50.

Wyckoff's Market Rating: 4.0

August pork bellies closed up $2.00 at $65.80 yesterday. Prices closed near the session high and hit a fresh six-week high yesterday. A market low still does appear to be in place and bulls and bears are on a level near-term technical playing field. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at $68.90, which is the top 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 $60.00. First resistance is seen at $66.00 and then at $67.00. First support is seen at $65.00 and then at $64.00.

Wyckoff's Market Rating: 5.0