LIVESTOCK: August live cattle closed down $0.80 at $118.42 yesterday. Prices closed near the session low yesterday and hit a fresh two-week low. Cattle futures bears have the solid overall near-term technical advantage. There are no significant, early clues to suggest a market bottom is close at hand. The bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at $120.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the contract low of $117.90. First resistance is seen at yesterday’s high of $118.90 and then at $119.20. First support is seen at $117.90 and then at $117.50. Wyckoff’s Market Rating: 1.0
August feeder cattle closed down $0.22 at $143.40 yesterday. Prices hit a fresh two-week low yesterday. The feeder bears have the solid near-term technical advantage. There are no clues of a market bottom being close at hand. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at last week’s high of $146.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at the contract low of $142.50. First resistance is seen at $144.00 and then at $144.50. First support is seen at $143.00 and then at $142.50. Wyckoff’s Market Rating: 1.0
August lean hogs closed up $0.77 at $95.95 yesterday. Prices closed nearer the session low after spiking to a fresh 17-week high early on yesterday. Bullish cash hog fundamentals and a rumor that China might seek more U.S. pork boosted the futures market yesterday. Hog bulls have the solid near-term technical advantage and have upside momentum on their side. Prices are in an accelerating 2.5-month-old uptrend on the daily bar chart. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at yesterday’s high of $97.80. The next downside price breakout objective for the bears is pushing prices below solid technical support at $94.00. First resistance is seen at $96.50 and then at $97.00. First support is seen at yesterday’s low of $95.30 and then at $95.00. Wyckoff’s Market Rating: 7.5
