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Livestock Futures Commentary
April live cattle closed up $0.45 at $90.85 yesterday. Prices closed near mid-range yesterday and also closed at a fresh three-week high close. The key "outside markets" were in a mostly bullish posture for cattle yesterday, as the U.S. dollar index was weaker, while crude oil and gold prices were higher. Bulls have the near-term technical advantage. Bulls' next upside price objective is to push and close prices above solid technical resistance at the January high of $91.35. The next downside technical objective for the bears is pushing and closing prices below solid technical support at last week's low of $88.55. First resistance is seen at yesterday's and last week's high of $91.20 and then at $91.35. First support is seen at yesterday's low of $90.40 and then at $91.10.
Wyckoff's Market Rating: 6.5.
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March feeder cattle closed up $0.90 at $99.22 yesterday. Prices closed nearer the session high yesterday and closed at a fresh two-week high close. Bulls have regained upside near-term technical momentum. 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 last week's low of $97.10. First resistance is seen at yesterday's high of $99.65 and then at $99.95. First
support is seen at $99.00 and then at $98.50.
Wyckoff's Market Rating: 6.5
April lean hogs closed up $2.17 at $69.90 yesterday. Prices closed near the session high and were supported on short covering and fresh fund bargain-hunting buying. The key "outside markets" were in a mostly bullish posture for hogs yesterday, as the U.S. dollar index was weaker, while crude oil and gold prices were higher. Bulls did regain some fresh upside technical momentum yesterday and are back on a level near-term technical playing field with the bears. The next upside price objective for the bulls is to push and close prices above solid chart resistance at $70.45, which is the top of a downside price gap on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at the February low of $65.65. First resistance is seen at yesterday's high of $69.05 and then at $69.85. First support is seen at $68.00 and then at $67.50.
Wyckoff's Market Rating: 5.0
March pork bellies closed up $2.00 at $82.00 yesterday. Prices closed nearer the session low after trading limit up early on. Bears still have the overall near-term technical advantage. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at $85.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at the February low of $79.40. First resistance is seen at yesterday's high of $83.00 and then at $84.00. First support is seen at yesterday's low of $81.60 and then at $81.00.
Wyckoff's Market Rating: 4.0
Tags:catttle, hogs, pork-bellies, futures
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