LIVESTOCK: October live cattle closed up $0.07 at $128.15 Wednesday. Prices closed nearer the session high and hit another fresh 4.5-month high Wednesday. Cattle bulls have the solid near-term technical advantage. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $129.50. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $126.00. First resistance is seen at Wednesday’s high of $128.50 and then at $129.00. First support is seen at Wednesday’s low of $127.60 and then at this week’s low of $127.00. Wyckoff’s Market Rating: 7.0
October feeder cattle closed down $0.35 at $159.82 Wednesday, on mild profit taking. The feeder bulls still have the solid overall near-term technical advantage. Prices are in a three-month-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 $162.50. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $157.80. First resistance is seen at last week’s high of $160.70 and then at $161.00. First support is seen at this week’s low of $159.60 and then at $159.00. Wyckoff’s Market Rating: 8.0
October lean hogs closed up $1.70 at $88.22 Wednesday. Prices gapped sharply higher on the daily bar chart, closed nearer the session high and hit a fresh 7.5-month high Wednesday. The bulls have the solid near-term technical advantage and gained more power Wednesday as prices saw a bullish upside “breakout” from the recent very choppy and sideways trading range. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at the contract high of $88.90. The next downside price breakout objective for the bears is pushing prices below solid technical support at this week’s low of $85.40. First resistance is seen at Wednesday’s high of $88.30 and then at $88.90. First support is seen at Wednesday’s low of $87.50 and then at $87.00. Wyckoff’s Market Rating: 7.5
