by Jim Wyckoff, Senior Analyst TraderPlanet.com
OCTOBER LIVE CATTLE
Wyckoff’s Market Rating: 7.5.
OCTOBER FEEDER CATTLE
October feeder cattle closed up $0.57 at $118.87 today. Prices closed near the session high and hit a fresh contract high. Bulls have the solid technical advantage and gained more power today. The next upside price objective for the feeder bulls is to produce a close above psychological resistance at $120.00. The next downside price objective for the bears is to produce a close below solid support at $117.00. First resistance is seen at today’s contract high of $119.00 and then at $119.50. First support is seen at today’s low of $118.30 and then at $118.00.
Wyckoff’s Market Rating: 8.5
Source: VantagePoint Intermarket Analysis Software
OCTOBER LEAN HOGS
October lean hogs closed down $2.95 at $67.70 today. Prices closed near the session low and quickly reversed big gains on Friday that produced a weekly high close. Trading the past two sessions has been brutal to bulls and bears. Bulls and bears are now back on level near-term technical playing field. Weaker cash hog prices today did weigh on the futures. The next upside price objective for the bulls is closing prices above solid chart resistance at $69.37. The next downside technical price objective for the bears is closing prices below solid technical support at last week’s low of $66.87. First resistance is seen at $68.00 and then at $68.50. First support is seen at $66.87 and then at $66.50.
Wyckoff’s Market Rating: 5.0.
FEBRUARY PORK BELLIES
February pork bellies closed down $1.15 at $92.05 today. Prices closed nearer the session low and did close at a fresh three-week low close today. Bears have regained the near-term technical advantage. The next upside price objective for the bulls is closing prices above solid resistance at this month’s high of $96.35. The next downside price objective for the bears is closing prices below solid chart support at $91.00. First resistance is seen at $93.00 and then at $94.00. First support is seen at last week’s low of $91.25 and then at $91.00.
Wyckoff’s Market Rating: 4.0
