LIVESTOCK: August live cattle closed down $0.20 at $154.80 Monday. Prices hit another contract high and then backed off on some mild profit taking. The cattle bulls still have the solid overall near-term technical advantage in this major and mature bull market. A three-month-old uptrend remains firmly in place on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid resistance at $157.50. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $153.00. First resistance is seen at $156.00 and then at today’s contract high of $156.47. First support is seen at today’s low of $154.27 and then at $153.50. Wyckoff’s Market Rating: 8.5
August feeder cattle closed up $0.77 at $218.40 Monday. Prices hit another contract and record high today. The bulls have the strong overall near-term technical advantage in this very mature upside run. Prices are in a five-month-old uptrend on the daily bar chart. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at $220.00. 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 $219.00 and then at today’s contract high of $219.65. First support is seen at today’s low of $217.57 and then at $217.00. Wyckoff’s Market Rating: 9.0
August lean hogs closed up $0.40 at $132.00 Monday. Prices closed nearer the session low. The hog bulls presently still have the overall near-term technical advantage. Prices are still in a three-month-old uptrend on the daily bar chart. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at the contract high of $133.37. The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $129.50. First resistance is seen at $132.50 and then at $133.00. First support is seen at today’s low of $131.65 and then at $131.00. Wyckoff’s Market Rating: 8.0
