LIVESTOCK: December live cattle closed down $0.35 at
$131.67 Thursday. Prices closed nearer the session low and
closed at a fresh six-week low close today. The key
“outside markets” were bearish for the cattle market today
as the U.S. dollar index was higher and crude oil prices
were lower. The cattle futures bulls still have the overall
near-term technical advantage. Bulls’ next upside price
“breakout” objective is to push and close prices above
solid resistance at $133.00. The next downside technical
breakout objective for the bears is pushing and closing
prices below solid technical support at the October low of
$131.40. First resistance is seen at $132.00 and then at
this week’s high of $132.60. First support is seen at
$131.40 and then at $131.00. Wyckoff’s Market Rating: 6.0

January feeder cattle closed down $0.42 at $165.12
Thursday. Prices closed near mid-range. The feeder bulls
still have the near-term technical advantage. 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 $167.20. The next downside price
breakout objective for the bears is to push and close
prices below solid technical support at last week’s low of
$163.45. First resistance is seen at this week’s high of
$165.72 and then at $166.00. First support is seen at
$164.50 and then at $164.00. Wyckoff’s Market Rating: 6.0

December lean hogs closed up $0.20 at $87.55 Thursday.
Prices closed near mid-range and hit another fresh three-
week low early on. Short covering was featured. The hog
market bulls still have the slight overall 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 $90.00. The next downside
price breakout objective for the bears is pushing prices
below solid technical support at the October low of $85.85.
First resistance is seen at today’s high of $88.02 and then
at $88.50. First support is seen at today’s low of $87.10
and then at $86.50. Wyckoff’s Market Rating: 5.5