by Jim Wyckoff, Senior Analyst TraderPlanet.com
AUGUST LIVE CATTLE
Wyckoff’s Market Rating: 5.5.
AUGUST FEEDER CATTLE
Wyckoff’s Market Rating: 5.0
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
