April live cattle closed up $0.60 at $95.70 yesterday. Prices closed near the session high yesterday and set a fresh contract high. The cattle market bulls have the solid overall near-term technical advantage. While there are no significant technical clues that a market top is close at hand, the market is presently short-term overbought and due for a corrective price pullback very soon. Futures prices are in a three-month-old uptrend on the daily bar chart. Bulls' next upside price objective is to push and close prices above solid technical resistance at $97.50. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $93.50. First resistance is seen at yesterday's contract high of $95.85 and then at $96.00. First support is seen at yesterday's low of $95.07 and then at $94.60.

Wyckoff's Market Rating: 8.5.

Source: VantagePoint Intermarket Analysis Software

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April feeder cattle closed up $0.07 at $106.05 yesterday. Prices closed near the session high yesterday as the market consolidates recent gains. No chart damage has occurred recently. Feeder bulls have the solid near-term technical advantage. There are no early clues to suggest a market top is close at hand. Prices are in a three-month-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 $107.50. The next downside price objective for the bears is to push and close prices below solid technical support at the February high of $104.25. First resistance is seen at the contract high of $106.45 and then at $107.00. First support is seen at yesterday's low of $105.55 and then at $105.00.

Wyckoff's Market Rating: 8.0

April lean hogs closed down $0.85 at $71.80 yesterday. Prices closed nearer the session low and closed at a fresh three-week low close yesterday. While no serious chart damage has occurred recently, the bulls have faded and need to show fresh power soon. There is now the specter of a bearish double-top reversal pattern forming on the daily bar chart. Hog bulls still have the overall near-term technical advantage. The next upside price objective for the bulls is to push prices above solid chart resistance at last week's high of $73.40. The next downside price objective for the bears is pushing and closing prices below solid technical support at $70.00. First resistance is seen at $72.00 and then at $72.50. First support is seen at last week's low of $71.52 and then at $71.00.

Wyckoff's Market Rating: 6.0

May pork bellies closed down $1.00 at $91.05 yesterday. Prices closed near the session low yesterday and hit a fresh two-week low. Chart damage has occurred recently to suggest a near-term market top is in place. Bulls still have the slight overall near-term technical advantage in bellies. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at last week's high of $94.50. The next downside price objective for the bears is pushing and closing prices below solid technical support at $89.00. First resistance is seen at yesterday's high of $92.30 and then at $93.00. First support is seen at $91.00 and then at $90.00.

Wyckoff's Market Rating: 5.5