LIVESTOCK: December live cattle closed down $0.30 at 166.77 today. Prices closed near mid-range today. Bulls still have the solid near-term technical advantage. Prices are in a 10-week-old uptrend on the daily bar chart, but now just barely. Bulls’ next upside price objective is to push and close prices above solid resistance at the contract high of $170.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $164.00. First resistance is seen at this week’s high of $167.32 and then at $168.00. First support is seen at $166.00 and then at this week’s low of $165.17. Wyckoff’s Market Rating: 7.0
January feeder cattle closed up $1.82 at $231.62 today. Prices closed nearer the session high and closed at a three-week high close today. Bulls have the near-term technical advantage and gained some fresh upside momentum today. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at $235.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at the October low of $225.75. First resistance is seen at today’s high of $231.87 and then at $232.32. First support is seen at $231.00 and then at $230.00. Wyckoff’s Market Rating: 7.0
December lean hogs closed down $0.82 at $88.02 today. Prices closed near the session low and scored a bearish “outside day” down on the daily bar chart today. Bears have the near-term technical advantage. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at last week’s high of $90.60. The next downside price breakout objective for the bears is pushing prices below solid technical support at the August low of $84.27. First resistance is seen at $89.00 and then at $90.00. First support is seen at today’s low of $87.85 and then at $87.20. Wyckoff’s Market Rating: 3.0
