LIVESTOCK: August live cattle closed up $0.60 at $122.45 yesterday. Prices closed near mid-range. Cattle futures bulls have the near-term technical advantage. Bulls next upside price “breakout” objective is to push prices above solid resistance at the June high of $123.10. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $121.00. First resistance is seen at yesterday’s high of $122.85 and then at $123.10. First support is seen at yesterday’s low of $122.05 and then at $121.50. Wyckoff’s Market Rating: 6.0
August feeder cattle closed up $2.52 at $152.65 yesterday. Prices closed near the session high yesterday and hit a fresh 3.5-month high. The feeder bulls have the solid overall near-term technical advantage and gained more power yesterday. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the April high of $154.40. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $150.00. First resistance is seen at yesterday’s high of $152.75 and then at $153.00. First support is seen at $152.00 and then at $151.50. Wyckoff’s Market Rating: 7.0
August lean hogs closed up $0.65 at $95.55 yesterday. Prices closed nearer the session low. Near-term chart damage has been inflicted recently to suggest a market top is in place. Bulls and bears are on a level near-term technical playing field. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at last week’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 $96.00 and then at yesterday’s high of $96.40. First support is seen at yesterday’s low of $95.30 and then at $95.00. Wyckoff’s Market Rating: 5.0
