JimWyckoff's Commentaries
April live cattle closed up $1.27 at $114.05 yesterday. Prices closed near mid-range yesterday and hit a fresh four-week high. The key "outside markets" were in a bullish posture for the cattle market yesterday, as the U.S. dollar index was weaker, crude oil prices were sharply higher and the U.S. stock indexes were firmer.The cattle bulls have the overall near-term technical advantage and gained fresh upside momentum yesterday. Cattle market bulls' next upside price objective is to push and close prices above solid technical resistance at the contract high of $116.30. The next downside technical objective for the bears is pushing prices below solid technical support at last week's low of $111.07. First resistance is seen at $114.50 and then at yesterday's high of $115.10. First support is seen at $113.50 and then at yesterday's low of $113.00.
Wyckoff's Market Rating: 7.5.
Source: VantagePoint Intermarket Analysis Software
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March feeder cattle closed up $1.77 at $128.00 yesterday. Prices gapped higher on the daily bar chart, hit a fresh two-week high and closed nearer the session high yesterday. Yesterday's solid upside price action did provide the cattle market bulls with fresh upside near-term technical momentum. Feeder bulls now have the solid overall near-term technical advantage. Prices are in a 3.5-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 the contract high of $129.95. The next downside price objective for the bears is to push and close prices below solid technical support at last week's low of $124.57. First resistance is seen at yesterday's high of $128.40 and then at $129.00. First support is seen at $127.50 and then at $127.00.
Wyckoff's Market Rating: 8.0
April lean hogs closed up $2.37 at $94.00 yesterday. Prices hit a fresh contract high again yesterday. The key "outside markets" were in a bullish posture for the hog market yesterday, as the U.S. dollar index was weaker, crude oil prices were sharply higher and the U.S. stock indexes were firmer. The hog market bulls have the strong overall near-term technical advantage and gained fresh upside power yesterday. Prices are in a steepening three-month-old uptrend on the daily bar chart. The next upside price objective for the bulls is to push and close prices above solid chart resistance at $96.00. 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 contract high of $94.52 and then at $95.00. First support is seen at $93.50 and then at $93.00.
Wyckoff's Market Rating: 9.0
