October live cattle closed down $0.05 at $98.05 yesterday. Prices closed nearer the session low yesterday and saw mild profit-taking pressure. The cattle market bulls still have the solid overall near-term technical advantage, even though prices have backed off the recent contract high. There are still 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 contract high of $99.97. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $96.95. First resistance is seen at yesterday's high of $98.60 and then at $99.00. First support is seen at last week's low of $97.65 and then at $97.50.

Wyckoff's Market Rating: 7.0.

Source: VantagePoint Intermarket Analysis Software

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September feeder cattle closed down $1.17 at $115.10 yesterday. Prices closed near the session low and saw profit-taking pressure yesterday, following recent strong gains. No significant chart damage was inflicted yesterday, but bulls do not want to see good follow-through selling pressure on Tuesday that could produce near-term chart damage. Bulls still have the 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 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 $115.45 and then at $116.00. First support is seen at yesterday's low of $115.00 and then at $114.60.

Wyckoff's Market Rating: 7.0

October lean hogs closed up $0.05 at $74.87 yesterday. Prices closed near the session low yesterday. This market has turned very choppy recently as bears have regained some downside technical momentum. Bulls and bears are now back on a level near-term technical playing field. The next upside price objective for the bulls is to push and close prices above solid chart resistance at $77.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at the August low of $73.15. First resistance is seen at $75.00 and then at yesterday's high of $75.62. First support is seen at last week's low of $74.62 and then at $74.00.

Wyckoff's Market Rating: 5.0