by Jim Wyckoff, Senior Analyst TraderPlanet.com
AUGUST LIVE CATTLE
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.
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
