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Livestock Futures Commentary from Jim Wyckoff
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December live cattle closed up $0.55 at $86.22 today. Prices closed near the session high today on short covering and some fresh speculative buying. The key outside markets were bullish for cattle during the trading session today, as the U.S. dollar was weaker, crude oil prices were firmer and the stock indexes were firmer. Bulls' next upside price objective is to push and close prices above solid technical resistance at the October high of $87.90. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $85.00. First resistance is seen at $86.50 and then at $86.75. First support is seen at $86.00 and then at $85.75.
Wyckoff's Market Rating: 4.5.
Source: VantagePoint Intermarket Analysis Software
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January feeder cattle closed up $0.50 at $95.57 today. Prices closed near the session high today on short covering. Bears have the near-term technical advantage. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at $97.00. The next downside price objective for the bears is to push prices below solid technical support at $94.00. First resistance is seen at today's high of $95.70 and then at $96.00. First support is seen at today's low of $95.10 and then at last week's low of $94.90. Wyckoff's Market Rating: 4.0December lean hogs closed up $1.02 at $57.72 today. Prices hit a fresh 3.5-month high and closed near the session high today. The key outside markets were bullish for hogs during the trading session today, as crude oil prices were higher, the U.S. dollar weaker and the stock indexes were firmer. Bulls have the solid near-term technical advantage and gained more power today. The next upside price objective for the bulls is to push and close prices above solid chart resistance at the July high of $59.15. The next downside price objective for the bears is pushing and closing prices below solid technical support at $55.00. First resistance is seen at $58.00 and then at $58.50. First support is seen at $57.50 and then at $57.00.
Wyckoff's Market Rating: 8.0
February pork bellies closed steady at $89.30 today. Prices closed near the session high. Bulls have the near-term technical advantage in bellies. A bull flag pattern has formed on the daily bar chart. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at the contract high of $95.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $86.00. First resistance is seen at $90.00 and then at $91.00. First support is seen at $89.00 and then at $88.00.
Wyckoff's Market Rating: 7.0
catttle, hogs, pork-bellies
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