February live cattle closed up $0.15 at $133.00 Monday. Prices closed nearer the session low and saw tepid short covering. The bulls are fading. Bulls and bears are on a level near-term technical playing field. Significant near-term technical damage has occurred as prices last Friday closed at a bearish weekly low close. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at the November high of $134.90. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the November low of $131.27. First resistance is seen at today’s high of $133.30 and then at $134.00. First support is seen at last week’s low of $132.55 and then at $132.00. Wyckoff’s Market Rating: 5.0
January feeder cattle closed up $0.67 at $165.15 Monday. Prices closed near the session high on short covering and bargain hunting. The feeder bulls and bears are on a level near-term technical playing field amid choppy trading. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the November high of $166.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at the November low of $162.05. First resistance is seen at last week’s high of $165.65 and then at $166.00. First support is seen at $164.55 and then at $164.00. Wyckoff’s Market Rating: 5.0
February lean hogs closed up $0.85 at $89.85 Monday. Prices closed nearer the session high on short covering. Prices Friday hit a 2.5-month low. A six-week-old downtrend is in place on the daily bar chart. The hog market bears have the slight near-term technical advantage. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $91.40. The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $87.90. First resistance is seen at today’s high of $90.05 and then at $90.50. First support is seen at $89.00 and then at $88.35. Wyckoff’s Market Rating: 4.5
