by Jim Wyckoff, Senior Analyst TraderPlanet.com

AUGUST LIVE CATTLE

August live cattle closed up $0.30 at $91.25 today. Prices closed nearer the session high and closed at the highest closing level in three weeks today. Friday’s weekly high close was a bullish clue to suggest more upside this week. The bulls feel that the cash market has put in a near-term low. A close below solid support at last week’s low of $89.40 in August futures would produce fresh near-term chart damage. The bulls’ next upside technical price objective is closing prices above solid chart resistance at $92.00. First resistance is seen at today’s high of $91.37 and then at $91.50. First support is seen at $91.00 and then at $90.50.

Wyckoff’s Market Rating: 5.5.

AUGUST FEEDER CATTLE

August feeder cattle closed down $0.22 at $106.72 today. Prices closed nearer the session high. Strong recent price gains in corn have pressured the feeders. However, last week’s low of $105.50 is very strong chart support. Feeder prices are still in a downtrend from the May high. The next upside price objective for the feeder bulls is to produce a close above solid chart resistance at $109.00. First resistance is seen at today’s high of $107.00 and then at $107.70. First support is seen at today’s low of $106.05 and then at $105.50.

Wyckoff’s Market Rating: 5.0

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Source: VantagePoint Intermarket Analysis Software

AUGUST LEAN HOGS

August lean hogs closed down $0.30 at $75.12 today in a big-trading-range day. Prices closed near mid-range. Prices Friday hit a fresh seven-week high and closed at the weekly high close and the bulls do still have some upside technical momentum on their side. The next upside price objective for the bulls is closing prices above solid chart resistance at last week’s high of $76.00. The next downside price objective for the bears is closing prices below solid technical support at $74.00. First resistance is seen at $75.50 and then at today’s high of $75.80. First support is seen at $74.50 and then at today’s low of $74.25.

Wyckoff’s Market Rating: 6.0.

JULY PORK BELLIES

July pork bellies closed down $1.27 at $97.17 today. Prices closed nearer the session low on a corrective pullback from recent gains. A three-month-old downtrend line is still in place on the daily bar chart. The next upside price objective for the bulls is closing prices above solid resistance at last week’s high of $100.00. The next downside price objective for the bears is closing prices below solid chart support at $96.00. First resistance is seen at $98.00 and then at $98.50. First support is seen at today’s low of $96.50 and then at $96.00.

Wyckoff’s Market Rating: 4.0

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