by Jim Wyckoff, Senior Analyst TraderPlanet.com

AUGUST LIVE CATTLE

August live cattle closed down $0.40 at $89.25 today. Prices closed near the session low and hit a fresh four-month low today. Weaker cash cattle trading last week and lower boxed beef prices today have the bulls on the defensive. Bears do have fresh downside technical momentum after today’s price action. The next downside price objective for the bears is to produce a close below solid chart support at $88.00. The bulls’ next upside technical price objective is closing prices above solid chart resistance at last week’s high of $91.37. First resistance is seen at today’s high of $89.80 and then at $90.00. First support is seen at today’s low of $89.10 and then at $88.57.

Wyckoff’s Market Rating: 4.5.

AUGUST FEEDER CATTLE

August feeder cattle closed up $0.15 at $108.55 today. Prices closed nearer the session high today amid the big sell off in corn futures. Recent price action suggests feeders have put in a near-term low. This month’s low of $105.50 is very strong chart support. 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 last week’s high of $108.85 and then at $109.00. First support is seen at $108.00 and then at today’s low of $107.60.

Wyckoff’s Market Rating: 6.0

AUGUST LEAN HOGS

August lean hogs closed up $0.20 at $72.57 today. Prices closed near mid-range on a tepid short-covering bounce after hitting a fresh five-month low on Friday. Bears have gained fresh downside technical momentum recently. The next downside technical price objective for the bears is closing prices below solid technical support at $70.00. The next upside price objective for the bulls is closing prices above solid chart resistance at $74.00. First resistance is seen at $73.00 and then at $73.50. First support is seen at today’s low of $72.20 and then at $72.00.

Wyckoff’s Market Rating: 3.5.

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Source: VantagePoint Intermarket Analysis Software

AUGUST PORK BELLIES

August pork bellies closed up $1.30 at $92.90 today. Prices closed nearer the session high on short covering after hitting a fresh eight-month low early on. Bears still have solid technical control of bellies. A 3.5-month-old downtrend line is in place on the daily bar chart. The next upside price objective for the bulls is closing prices above solid resistance at $95.00. The next downside price objective for the bears is closing prices below solid chart support at today’s low of $90.90. First resistance is seen at $93.70 and then at $94.60. First support is seen at $92.00 and then at last week’s low of $91.55.

Wyckoff’s Market Rating: 2.5

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Source: VantagePoint Intermarket Analysis Software