LIVESTOCK: February live cattle closed up $0.50 at $136.80 Monday. Prices closed near the session high and hit a fresh 12-month high today. Bulls are right back in control after record high cash cattle prices were fetched in the U.S. last week. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at the contract high of $137.70. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at of $135.00. First resistance is seen at today’s high of $136.85 and then at $137.70. First support is seen at today’s low of $136.30 and then at $135.67. Wyckoff’s Market Rating: 8.0
March feeder cattle closed up $0.02 at $168.12 Monday. Prices closed near the session low but hit a fresh contract high early on. The bulls still have the solid overall near-term technical advantage. Prices are in a seven-week-old uptrend on the daily bar chart. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $170.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $167.00. First resistance is seen at today’s contract high of $168.75 and then at $169.00. First support is seen at $167.72 and then at $167.00. Wyckoff’s Market Rating: 8.0
February lean hogs closed down $0.07 at $86.60 Monday. Prices closed near the session high. A nine-week-old downtrend is in place on the daily bar chart. The hog market bears have the solid near-term technical advantage. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at last week’s high of $87.35. The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $84.95. First resistance is seen at $87.00 and then at $87.35. First support is seen at today’s low of $86.10 and then at $85.75. Wyckoff’s Market Rating: 2.5
