February live cattle closed down $0.77 at $85.05 yesterday. Prices closed near the session low yesterday. No serious chart damage occurred yesterday but the bulls did fade and now need to show fresh power soon. A four-week-old uptrend is still in place on the daily bar chart, but now just barely. Bulls' next upside price objective is to push prices above solid technical resistance at last week’s high of $86.80. The next downside technical objective for the bears is pushing and closing prices below solid technical support at the October low of $84.25. First resistance is seen at $85.50 and then at yesterday’s high of $85.80. First support is seen at yesterday's low of $85.00 and then at $84.50.

Wyckoff's Market Rating: 5.0.

Source: VantagePoint Intermarket Analysis Software

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March feeder cattle closed down $0.25 at $96.40 yesterday. Prices closed near mid-range yesterday and scored a mildly bearish “outside day” down on the daily bar chart. Prices are still in a four-week-old uptrend on the daily bar chart. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at the November high of $97.50. The next downside price objective for the bears is to push and close prices below solid technical support at $95.00. First resistance is seen at yesterday’s high of $96.85 and then at last week’s high of $97.10. First support is seen at yesterday’s low of $95.90 and then at $95.50.

Wyckoff's Market Rating: 5.5

February lean hogs closed down $0.57 at $66.67 yesterday. Prices closed near mid-range and saw profit-taking pressure from recent gains. Hog bulls still have the overall near-term technical advantage. The next upside price objective for the bulls is to push and close prices above solid chart resistance at last week's high of $68.10. The next downside price objective for the bears is pushing and closing prices below solid technical support at the December low of $63.70. First resistance
is seen at yesterday’s high of $67.37 and then at $67.75. First support is seen at yesterday’s low of $66.30 and then at $66.00.

Wyckoff's Market Rating: 6.5

February pork bellies closed down $0.12 at $87.37 yesterday. Prices closed near mid-range yesterday. Bulls still have the slight near-term technical advantage. Prices are in a choppy five-week-old uptrend on the daily bar chart. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at the October high of $91.70. The next downside price objective for the bears is pushing and closing prices below solid technical support at $84.00. First resistance is seen at yesterday’s high of $88.00 and then at $88.50. First support is seen at yesterday's low of $86.70 and then at $86.00.

Wyckoff's Market Rating: 5.5