by Jim Wyckoff, Senior Analyst TraderPlanet.com

OCTOBER LIVE CATTLE

October live cattle closed down $0.27 at $97.70 today. Prices closed near the session low on profit- taking pressure from recent strong gains. Last week a bearish key reversal down was confirmed on the daily bar chart. This is an early technical clue that a near-term top is in place. Bulls do still have the overall near-term technical advantage, but are fading. The bulls’ next upside technical price objective is closing prices above solid chart resistance at $99.00. The next downside price objective for the bears is to produce a close below solid chart support at $97.25. First resistance is seen at $98.00 and then at today’s high of $98.55. First support is seen at today’s low of $97.65 and then at $97.25.

Wyckoff’s Market Rating: 7.5.

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Source: VantagePoint Intermarket Analysis Software

OCTOBER FEEDER CATTLE

October feeder cattle closed up $0.17 at $117.37 today. Prices closed near mid-range. No chart damage has occurred recently. The feeder bulls still have the solid overall technical advantage. The next upside price objective for the feeder bulls is to produce a close above solid chart resistance at the contract high of $118.97. The next downside price objective for the bears is to produce a close below solid support at last week’s low of $116.50. First resistance is seen at today’s high of $117.85 and then at $118.25. First support is seen at today’s low of $117.00 and then at $116.50.

Wyckoff’s Market Rating: 8.0

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Source: VantagePoint Intermarket Analysis Software