LIVESTOCK: October live cattle closed down $0.20 at $126.00 Wednesday. Prices closed near mid-range Wednesday and hit another fresh four-week low. The bulls and bears are on a level near-term technical playing field, but the bulls are fading and need to show fresh power soon. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $127.75. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $125.50. First resistance is seen at Wednesday’s high of $126.20 and then at $126.62. First support is seen at Wednesday’s low of $125.75 and then at $125.50. Wyckoff’s Market Rating: 5.0
October feeder cattle closed up $0.15 at $159.25 Wednesday. Prices closed nearer the session high Wednesday. The feeder bulls have the solid near-term technical advantage as prices have rebounded strongly to trade back near the recent highs. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the August high of $160.70. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $157.50. First resistance is seen at this week’s high of $160.00 and then at $160.70. First support is seen at $158.90 and then at Wednesday’s low of $158.45. Wyckoff’s Market Rating: 7.0
October lean hogs closed up $1.12 at $89.12 Wednesday. Prices gapped higher and hit a fresh contract high Wednesday. The hog bulls have the strong near-term technical advantage. There are no early technical clues to suggest a market top is close at hand. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $90.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at $87.00. First resistance is seen at Wednesday’s contract high of $89.45 and then at $90.00. First support is seen at Wednesday’s low of $88.45 and then at $88.00. Wyckoff’s Market Rating: 8.5
