October live cattle closed up $0.45 at $90.20 yesterday. Prices closed near the session high after scoring a fresh two-week low early on. Prices yesterday also scored a bullish "outside day" up on the daily bar chart and also kept alive a six-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to push and close prices above solid technical resistance at the July high of $92.05. The next downside technical objective for the bears is pushing and closing prices below solid technical support at yesterday's low of $89.20. First resistance is seen at $90.50 and then at $91.00. First support is seen at $90.00 and then at $89.60.

Wyckoff's Market Rating: 6.0.

Source: VantagePoint Intermarket Analysis Software

Call now and you will be provided with FREE recent forecasts
that are up to 80% accurate. 800-732-5407
If you would rather have the recent forecasts sent to you, please go here

August feeder cattle closed down $0.15 at $102.50 yesterday. Prices closed near mid-range in quieter trading. No serious chart damage has occurred recently, but the bulls have faded and need to show fresh power soon. The feeder cattle bulls still have the overall near-term technical advantage. The next upside price objective for the feeder bulls is to push prices above solid technical resistance at the July high of $104.90. The next downside price objective for the bears is to push prices below solid technical support at the July low of $101.50. First resistance is seen at yesterday's high of $102.70 and then at $103.00. First support is seen at yesterday's low of $102.07 and then at last week's low of $101.65.

Wyckoff's Market Rating: 6.0

October lean hogs closed up $0.17 at $54.75 yesterday. Prices closed near the session high after hitting a fresh contract low early on. If there is good follow-through buying strength on Tuesday, then that would suggest yesterday's price action produced a bullish selling "exhaustion tail" on the daily chart, whereby the bears became exhausted at lower price levels and prices moved back higher. But right now the bears still have the solid near-term technical advantage. The next upside price objective for the bulls is to push prices above solid chart resistance at $58.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $52.50. First resistance is seen at $55.00 and then at $55.50. First support is seen at $54.50 and then at $54.00.

Wyckoff's Market Rating: 1.5

August pork bellies closed up $0.92 at $62.22 yesterday. Prices closed near mid-range. Bears still have the near-term technical advantage. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at the July high of $67.75. The next downside price objective for the bears is pushing and closing prices below solid technical support at $59.35. First resistance is seen at yesterday's high of $63.00 and then at $64.00. First support is seen at yesterday's low of $60.90 and then at $60.00.

Wyckoff's Market Rating: 2.5