by Jim Wyckoff, Senior Analyst TraderPlanet.com

APRIL LIVE CATTLE

April live cattle closed down $0.10 at $93.95 yesterday. Prices closed near mid-range. Cash cattle trading came in late last week at lower price levels and that limited the upside in futures yesterday. Technically, bears still have the near-term technical advantage in cattle futures. The next downside technical objective for the bears is closing prices below solid support at last week’s low of $93.52. Bulls’ next upside price objective is to close prices above solid chart resistance at last week’s high of $95.45. First resistance is seen at yesterday’s high of $94.30 and then at $94.80. First support is seen at $93.52 and then at $93.00.

Wyckoff’s Market Rating: 3.0

MARCH FEEDER CATTLE

March feeder cattle closed down $0.65 at $104.80 yesterday. Prices closed nearer the session high yesterday. Bulls do have some upside technical momentum after producing a bullish weekly high close on Friday. A three-week-old uptrend is in place on the daily bar chart from the contract low. The next downside price objective for the bears is to produce a close below solid support at $103.00. The next upside price objective for the feeder bulls is to push and close prices above solid resistance at last week’s high of $105.80. First resistance is seen at yesterday’s high of $105.15 and then at $105.80. First support is seen at $104.00 and then at $103.60.

Wyckoff’s Market Rating
: 5.0

APRIL LEAN HOGS

April lean hogs closed up $0.47 at $67.15 yesterday. Prices closed nearer the session high and closed at a fresh seven- week high close. The bulls have solid upside technical momentum to suggest the uptrend can continue. The next downside price objective for the bears is pushing prices below solid technical support at $65.50. The next upside price objective for the bulls is push and close prices above solid chart resistance at last week’s high of $67.60. First resistance is seen at yesterday’s high of $67.42 and then at $67.60. First support is seen at yesterday’s low of $66.50 and then at $66.00.

Wyckoff’s Market Rating: 6.5

MAY PORK BELLIES

May pork bellies closed down $1.77 at $92.80 yesterday. Prices closed near the session low yesterday and scored a big and bearish “outside day” down on the daily bar chart. Prices did hit a fresh 5.5-month high early on yesterday. The next upside price objective for the bulls is closing prices above solid technical resistance at yesterday’s high of $95.75. The next downside price objective for the bears is closing prices below solid chart support at $91.00. First resistance is seen at $94.00 and then at $95.00. First support is seen at $92.00 and then at $91.00.

Wyckoff’s Market Rating:
7.0