by Jim Wyckoff, Senior Analyst TraderPlanet.com
OCTOBER LIVE CATTLE
Wyckoff’s Market Rating: 8.0.
OCTOBER FEEDER CATTLE
Wyckoff’s Market Rating: 8.5
OCTOBER LEAN HOGS
October lean hogs closed up $1.25 at $73.80 today. Prices closed nearer the session high and did close at a fresh contract high close today. Notions of a big buying “exhaustion tail” produced on the daily bar chart last week were dashed with today’s strong price gains. Bulls are right back in the driver’s seat amid fresh fund buying today. The next upside price objective for the bulls is closing prices above solid chart resistance at the contract high of $74.90. The next downside technical price objective for the bears is closing prices below solid technical support at $72.00. First resistance is seen at today’s high of $74.40 and then at the contract high of $74.90. First support is seen at today’s low of $72.65 and then at $72.00.
Wyckoff’s Market Rating: 8.0.
Source: VantagePoint Intermarket Analysis Software
AUGUST PORK BELLIES
August pork bellies closed up $0.40 at $91.05 today. Prices closed near mid-range and did close at a fresh four-week high close today as the bulls are gaining some fresh upside technical momentum. Bears do still have the overall technical advantage in bellies. The next upside price objective for the bulls is closing prices above solid resistance at $94.00. The next downside price objective for the bears is closing prices below solid chart support at $88.00. First resistance is seen at today’s high of $92.25 and then at $93.00. First support is seen at today’s low of $90.00 and then at $89.00.
Wyckoff’s Market Rating: 3.5.
