April live cattle closed down $0.15 at $91.77 yesterday. Prices closed near mid-range yesterday in quieter trading. The key "outside markets" were in a mostly bearish posture for cattle yesterday, as the U.S. dollar index was firmer, while crude oil prices were lower. No significant chart damage has occurred recently in cattle. The cattle market bulls still have the overall near-term technical advantage. Prices are still in an 11-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 February high of $93.52. The next downside technical objective for the bears is pushing and closing prices below solid technical support at the January high of $91.35. First resistance is seen at yesterday's high of $92.15 and then at $92.50.
First support is seen at last week's low of $91.50 and then at $91.35.

Wyckoff's Market Rating: 7.0.

Source: VantagePoint Intermarket Analysis Software

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April feeder cattle closed up $1.30 at $103.80 yesterday. Prices closed near the session high yesterday. Feeder bulls have the solid near-term technical advantage and gained more upside momentum yesterday. Prices are in an 11-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 February contract high of $104.25. The next downside price objective for the bears is to push and close prices below solid technical support at last week's low of $101.85. First resistance is seen at yesterday's high of $103.80 and then at $104.00. First support is seen at $103.00 and then at yesterday's low of $102.65.

Wyckoff's Market Rating: 8.0

April lean hogs closed up $0.15 at $72.95 yesterday. Prices closed nearer the session low yesterday after hitting a fresh five-week high early on. Bulls have the overall near-term technical advantage in hogs. Prices are in a steep four-week-old uptrend on the daily bar chart. The next upside price objective for the bulls is to push prices above solid chart resistance at the January high of $74.25. The next downside price objective for the bears is pushing and closing prices below solid technical support at $71.00. First resistance is seen at yesterday's high of $73.55 and then at $74.00. First support is seen at yesterday's low of $72.70 and then at $72.50.

Wyckoff's Market Rating: 7.5

May pork bellies closed up $2.90 at $94.20 yesterday. Prices closed near the session high and hit a fresh contract high yesterday. Bulls have the solid near-term technical advantage in bellies. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at $98.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $90.00. First resistance is seen at yesterday's high of $94.30 and then at $95.00. First support is seen at $93.50 and then at $92.75.

Wyckoff's Market Rating: 8.0