LIVESTOCK: June live cattle closed down $0.47 at $135.42 Tuesday. Prices closed near mid-range today. The live cattle futures bulls have the slight near-term technical advantage. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $137.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the April low of $134.42. First resistance is seen at today’s high of $135.90 and then at last week’s high of $136.30. First support is seen at today’s low of $135.05 and then at $134.42. Wyckoff’s Market Rating: 5.5
May feeder cattle closed down $0.65 at $179.77 Tuesday. Prices backed off on profit taking after hitting a contract high Monday. Bulls still have the solid overall near-term technical advantage. Prices are in a 4.5-month-old uptrend on the daily bar chart. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $182.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at last week’s low of $177.75. First resistance is seen at the contract high of $180.45 and then at $181.00. First support is seen at today’s low of $179.30 and then at $179.00. Wyckoff’s Market Rating: 7.5
June lean hogs closed down $0.12 at $122.52 Tuesday. Prices closed nearer the session low. The bulls and bears are still on a level near-term technical playing field but prices are still in a four-week-old downtrend on the daily bar chart. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $125.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at the April low of $118.55. First resistance is seen at $123.20 and then at $124.00. First support is seen at today’s low of $121.70 and then at $121.00. Wyckoff’s Market Rating: 5.0
