LIVESTOCK: June live cattle closed up $0.30 at $136.77 Wednesday. Prices closed near mid-range today. The bulls have the overall near-term technical advantage. However, the recent higher volatility at higher price levels is not bullish. Prices are in a four-month-old uptrend on the daily bar chart. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at the contract high of $139.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $135.30. First resistance is seen at today’s high of $137.00 and then at $137.30. First support is seen at today’s low of $136.40 and then at this week’s low of $135.90. Wyckoff’s Market Rating: 7.0
May feeder cattle closed up $1.20 at $177.97 Wednesday. Prices closed nearer the session high. Bulls have the solid overall near-term technical advantage. Prices are in a four-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 the contract high of $180.10. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $175.85. First resistance is seen at $178.50 and then at $179.00. First support is seen at today’s low of $177.10 and then at this week’s low of $176.62. Wyckoff’s Market Rating: 7.5
June lean hogs closed down $2.80 at $124.80 Wednesday. The bulls are fading to better suggest a major market top is in place. This market remains dangerous for both the bulls and bears. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at this week’s high of $128.65. The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $123.20. First resistance is seen at $126.00 and then at $127.00. First support is seen at today’s low of $124.70 and then at $124.00. Wyckoff’s Market Rating: 6.0
