by Jim Wyckoff, Senior Analyst TraderPlanet.com
OCTOBER LIVE CATTLE
Wyckoff’s Market Rating: 4.0.
OCTOBER FEEDER CATTLE
Wyckoff’s Market Rating: 7.5
Source: VantagePoint Intermarket Analysis Software
October lean hogs closed up $0.60 at $71.40 today. Prices closed nearer the session high on some short covering following recent steep declines. Lower cash hog prices today limited gains in the futures. Chart damage has occurred recently, including Friday’s weekly low close, to suggest that a near-term top is in place. The next upside price objective for the bulls is closing prices above chart resistance at $73.00. The next downside technical price objective for the bears is closing prices below solid technical support at last week’s low of $70.45. First resistance is seen at today’s high of $71.85 and then at $72.50. First support is seen at $71.00 and then at $70.45.
Wyckoff’s Market Rating: 5.0.
FEBRUARY PORK BELLIES
February pork bellies closed up $2.25 at $95.60 today. Prices again gapped higher on the daily bar chart, hit a fresh two-month high and closed nearer the session high. Bulls have gained solid upside technical momentum recently. The next upside price objective for the bulls is closing prices above solid resistance at $97.60. The next downside price objective for the bears is closing prices below solid chart support at $93.00. First resistance is seen at today’s high of $96.35 and then at $97.00. First support is seen at $95.00 and then at today’s low of $94.20.
Wyckoff’s Market Rating: 6.5
