by Jim Wyckoff, Senior Analyst TraderPlanet.com

OCTOBER LIVE CATTLE

October live cattle closed up $0.30 at $106.75 yesterday. Prices closed near mid-range yesterday in quieter trading.No serious chart damage has occurred recently and the cashcattle market fundamentals do still favor the bulls. Bulls’ next upside price objective is to push and close prices above solid resistance at last week’s high of $109.10. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $106.00. First resistance is seen at yesterday’s high of $107.10 and then at $107.50. First support is seen at yesterday’s and last week’s low of $106.40 and then at $106.00.

Wyckoff’s Market Rating: 6.0

SEPTEMBER FEEDER CATTLE

September feeder cattle closed up $0.15 at $116.70 yesterday. Prices closed nearer the session high yesterday. Recent price action has formed a bullish pennant pattern on the daily chart. Bulls still have the solid technical advantage. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at the contract high of $118.20. The next downside price objective for the bears is to produce a close below solid support at last week’s low of $115.40. First resistance is seen at yesterday’s high of $116.85 and then at $117.25. First support is seen at yesterday’s low of $116.10 and then at $115.80.

Wyckoff’s Market Rating: 7.5

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Source: VantagePoint Intermarket Analysis Software

OCTOBER LEAN HOGS

October lean hogs closed down $0.70 at $77.20 yesterday. Prices closed near the session low on profit-taking pressure from recent strong gains. Bulls still have the solid near-term technical advantage. A five-week-old uptrend is in place on the daily bar chart. The next upside price objective for the bulls is to push prices above solid chart resistance at Friday’s contract high of $78.75. The next downside price objective for the bears is pushing prices and closing below solid technical support at $76.00. First resistance is seen at $78.00 and then at yesterday’s high of $78.20. First support is seen at $77.00 and then at $76.50.

Wyckoff’s Market Rating: 8.0

FEBRUARY PORK BELLIES

February pork bellies closed up the $3.00 limit at $96.27 yesterday. Prices gapped sharply higher on the daily bar chart and hit a fresh six-week high yesterday. Bull have quickly gained the near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $98.55. The next downside price objective for the bears is pushing prices below solid chart support at $93.27, which would fill on the downside yesterday’s upside price gap on the daily bar chart. First resistance is seen at $97.00 and then at $98.00. First support is seen at $96.00 and then at yesterday’s low of $95.00.

Wyckoff’s Market Rating: 6.0