by Jim Wyckoff, Senior Analyst TraderPlanet.com

OCTOBER LIVE CATTLE

October live cattle closed up $0.05 at $105.90 yesterday. Prices closed nearer the session low yesterday after seeing prices gap lower on the daily bar chart Friday and close sharply lower and at a bearish weekly low close. Bears do have some downside technical momentum on their side in the cattle futures markets. Bulls’ next upside price objective is to push and close prices above solid resistance at $108.00. The next downside technical objective for the bears is pushing and closing prices below solid technical support at Friday’s low of $105.40. First resistance is seen at $106.40 and then at yesterday’s high of $107.00. First support is seen at yesterday’s low of $105.60 and then at $105.40.

Wyckoff’s Market Rating: 5.0

SEPTEMBER FEEDER CATTLE

September feeder cattle closed down $0.85 at $113.55 yesterday. Prices closed near the session low yesterday and hit a fresh three-week low as bears have gained some downside technical momentum after last Friday’s bearish weekly low close. A big rally in corn futures yesterday was bearish for feeders. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at $115.00. The next downside price objective for the bears is to produce a close below solid support at $112.00. First resistance is seen at $114.00 and then at $114.50. First support is seen at yesterday’s low of $113.47 and then at $113.00.

Wyckoff’s Market Rating: 5.0

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Source: VantagePoint Intermarket Analysis Software

OCTOBER LEAN HOGS

October lean hogs closed up $0.35 at $75.90 yesterday. Prices closed nearer the session low. Bulls still have the near- term technical advantage, but have faded a bit with Friday’s bearish weekly low close. Bulls need to show power soon. The next upside price objective for the bulls is to push prices above solid chart resistance at the June high of $77.40. The next downside price objective for the bears is pushing prices and closing below solid technical support at $74.50. First resistance is seen at yesterday’s high of $76.45 and then at $77.00. First support is seen at last week’s low of $75.50 and then at $75.00.

Wyckoff’s Market Rating: 7.0

FEBRUARY PORK BELLIES

February pork bellies closed up $0.57 at $98.10 yesterday. Prices closed near mid-range. A and big and bearish V-Top reversal pattern may be forming on the daily bar chart. Bulls do still have the near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $100.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $96.00. First resistance is seen at yesterday’s high of $99.25 and then at $100.00. First support is seen at $97.00 and then at yesterday’s low of $96.40.

Wyckoff’s Market Rating: 6.0