by Jim Wyckoff, Senior Analyst TraderPlanet.com
OCTOBER LIVE CATTLE
Wyckoff’s Market Rating: 6.5.
OCTOBER FEEDER CATTLE
October feeder cattle closed up $0.92 at $117.86 today. Prices gapped higher on the daily bar chart, closed near the session high and hit a fresh contract high today. Lower corn futures prices boosted the feeders today. The bulls still have the overall technical advantage and gained more power today. The next upside price objective for the feeder bulls is to produce a close above solid chart resistance at $119.00. The next downside price objective for the bears is to produce a close below solid support at $115.50. First resistance is seen at today’s contract high of $117.95 and then at $118.50. First support is seen at today’s low of $117.20 and then at $117.00.
Wyckoff’s Market Rating: 8.0
Source: VantagePoint Intermarket Analysis Software
October lean hogs closed up $0.20 at $72.17 today. Prices closed nearer the session high after hitting a fresh contract high on Friday. Bulls still have the overall near-term technical advantage. The next upside price objective for the bulls is closing prices above solid chart resistance at the contract high of $73.15. The next downside technical price objective for the bears is closing prices below solid technical support at $71.20. First resistance is seen at today’s high of $72.55 and then at $73.15. First support is seen at today’s low of $71.40 and then at $71.00.
Wyckoff’s Market Rating: 8.0.
AUGUST PORK BELLIES
August pork bellies closed up $2.45 at $89.70 today. Prices closed near the session high on short covering. Bears still have the overall technical advantage in bellies. A four-month-old downtrend is still in place on the daily bar chart. A bearish symmetrical triangle pattern has also formed on the daily bar chart. The next upside price objective for the bulls is closing prices above solid resistance at the July high of $92.17. The next downside price objective for the bears is closing prices below solid chart support at the contract low of $85.50. First resistance is seen at $90.00 and then at $90.90. First support is seen at $89.00 and then at $88.00.
Wyckoff’s Market Rating: 2.0
