October live cattle closed up $0.50 at $99.75 yesterday. Prices closed near the session high and closed at a fresh contract high close yesterday. Strong cash cattle market fundamentals are helping to drive futures prices sharply higher. Fresh speculative and fund buying interest has been featured in cattle futures recently. The cattle market bulls still have the solid overall near-term technical advantage. There are no early technical clues to suggest a market top is close at hand. Cattle futures prices are in an 11-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to push and close prices above longer-term technical resistance at the 2007 high of $102.93, basis nearby futures. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $97.65, which is the bottom of last week's big upside price gap on the daily bar chart. First resistance is seen at the contract high of $99.97 and then at $100.50. First support is seen at yesterday's low of $99.17 and then at $98.30.

Wyckoff's Market Rating: 9.0. 

Source: VantagePoint Intermarket Analysis Software

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September feeder cattle closed up $0.25 at $116.90 yesterday. Prices hit a fresh 3.5-month high and closed nearer the session high yesterday. Strong speculative buying interest and spillover from strong gains in the fat cattle futures have boosted the feeders recently. Bulls have the solid 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 contract high of $117.40. The next downside price objective for the bears is to push and close prices below solid technical support at $114.60. First resistance is seen at yesterday's high of $117.00 and then at $116.50. First support is seen at yesterday's low of $116.40 and then at
$116.00.

Wyckoff's Market Rating: 8.0

October lean hogs closed up $1.02 at $78.22 yesterday. Prices closed at a fresh three-week high close yesterday and closed near the session high. Hog market bulls are getting support from the bull market run in the cattle futures market. Hog bulls have the solid near-term technical advantage. The next upside price objective for the bulls is to push and close prices above solid chart resistance at the contract high of $80.05, scored on August 2. The next downside price objective for the bears is pushing and closing prices below solid technical support at $76.00. First resistance is seen at yesterday's high of $78.30 and then at $78.50. First support is seen at $78.00 and then at yesterday's low of $77.50.

Wyckoff's Market Rating: 7.5