LIVESTOCK: April live cattle closed down $0.50 at $139.90 Tuesday. Prices closed nearer the session low and hit a fresh three-week low today. Recent downside price action and a deteriorating fundamental posture in the cattle market suggest the futures market has put in a major market top. A 2.5-month-old uptrend on the daily bar chart has been negated. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at last week’s high of $141.20. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at of $137.50. First resistance is seen at today’s high of $139.65 and then at $140.00. First support is seen at $138.50 and then at $138.00. Wyckoff’s Market Rating: 5.5

March feeder cattle closed down $1.025 at $166.97 Tuesday. Prices closed near the session low and hit a fresh three-week low today. The feeder bulls have faded but still have the overall near-term technical advantage. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at last week’s high of $169.72. The next downside price breakout objective for the bears is to push and close prices below solid technical support at the January low of $166.40. First resistance is seen at $167.50 and then at $168.00. First support is seen at $166.40 and then at $166.00. Wyckoff’s Market Rating: 6.0

April lean hogs closed up $0.27 at $93.12 Tuesday. Prices closed near mid-range in quieter trading, on a short-covering bounce from Monday’s solid losses. The hog market bulls have the overall 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 last week’s high of $94.90. The next downside price breakout objective for the bears is pushing prices below solid technical support at $91.50. First resistance is seen at $93.75 and then at $94.25. First support is seen at this week’s low of $92.80 and then at $92.25. Wyckoff’s Market Rating: 6.0