LIVESTOCK: June live cattle closed down $0.47 at $120.82 yesterday. Prices closed near the session low and hit another fresh two-week low yesterday. Cattle futures bears have the solid overall near-term technical advantage. The bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at last week’s high of $124.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the contract low of $119.40. First resistance is seen at yesterday’s high of $121.47 and then at $122.00. First support is seen at $120.35 and then at $120.00. Wyckoff’s Market Rating: 2.0
August feeder cattle closed down $0.90 at $146.55 yesterday. Prices closed near mid-range yesterday and hit another two-week low. The feeder bears have the solid 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 $150.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at the contract low of $144.75. First resistance is seen at $147.00 and then at $147.50. First support is seen at $146.00 and then at $145.70. Wyckoff’s Market Rating: 1.5
June lean hogs closed down $0.02 at $91.30 yesterday. Prices closed nearer the session low again yesterday. The hog bulls have faded and are back on a level near-term technical playing field with the bears. 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 $93.10. The next downside price breakout objective for the bears is pushing prices below solid technical support at $90.00. First resistance is seen at yesterday’s high of $91.85 and then at this week’s high of $92.55. First support is seen at Monday’s low of $91.15 and then at $90.50. Wyckoff’s Market Rating: 5.0
