LIVESTOCK: October live cattle closed up $1.20 at 152.60 Tuesday. Prices closed near mid-range and hit a three-week high today. Bulls have the overall near-term technical advantage and have momentum on their side. Bulls’ next upside price objective is to push and close prices above solid resistance at $155.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $150.00. First resistance is seen at $153.50 and then at today’s high of $154.05. First support is seen at today’s low of $151.75 and then at $151.00. Wyckoff’s Market Rating: 6.5
October feeder cattle closed up $2.12 at 218.85 Tuesday. Prices closed nearer the session high and hit a three-week high today. The bulls have regained the firm near-term technical advantage, to suggest a retest of the July contract high. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at the contract high of $224.30. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $215.00. First resistance is seen at today’s high of $219.72 and then at $220.00. First support is seen at $218.00 and then at today’s low of $217.37. Wyckoff’s Market Rating: 7.0
October lean hogs closed up $1.80 at $99.87 Tuesday. Prices closed near mid-range and hit a three-week high. Bears have the overall near-term technical advantage. However, the bulls are now making a move, and following the cattle futures. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $102.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at $96.00. First resistance is seen at $100.00 and then at today’s high of $101.12. First support is seen at $99.00 and then at today’s low of $98.75. Wyckoff’s Market Rating: 4.0
