April live cattle closed down $0.70 at $88.67 yesterday. Prices hit a fresh five-week low and closed near the session low yesterday as fresh near-term chart damage was inflicted yesterday. Bulls and bears are on a level near-term technical playing field. A seven-week-old uptrend on the daily bar chart was negated yesterday. Bulls' next upside price objective is to push and close prices above solid technical resistance at $90.00. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $87.50. First resistance is seen at $89.00 and then at yesterday's high of $89.45. First support is seen at yesterday's low of $88.55 and then at $88.00.

Wyckoff's Market Rating: 5.0.

Source: VantagePoint Intermarket Analysis Software

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March feeder cattle closed down $1.17 at $97.70 yesterday. Prices closed near the session low yesterday and hit a fresh three-week low. Some near-term technical damage has been inflicted. A seven-week-old uptrend on the daily bar chart was negated yesterday. Bulls do still have the slight overall near-term technical advantage. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at the January high of $99.95. The next downside price objective for the bears is to push and close prices below solid technical support at $97.00. First resistance is seen at $98.00 and then at $98.50. First support is seen at yesterday's low of $97.70 and then at $97.50.

Wyckoff's Market Rating: 5.5

April lean hogs closed down $2.45 at $66.15 yesterday. Prices hit a fresh three-month low and closed nearer the session low. Prices also saw a big and bearish downside "breakout" from a bearish pennant pattern on the daily bar chart. Serious near-term chart damage has been inflicted in hogs recently, including more yesterday. The next upside price objective for the bulls is to push and close prices above solid chart resistance at $69.85. 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 $67.00. First support is seen at yesterday's low of $65.65 and then at $65.00.

Wyckoff's Market Rating: 3.5

February pork bellies closed down $1.00 at $80.50 yesterday. Prices gapped lower on the daily bar chart, hit a fresh 3.5-month low and closed near the session high. Serious chart damage has been inflicted recently, including more yesterday. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at $84.25. The next downside price objective for the bears is pushing and closing prices below solid technical support at the October low of $76.40. First resistance is seen at $81.00 and then at $82.00. First support is seen at $80.00 and then at $79.00.

Wyckoff's Market Rating: 2.5