LIVESTOCK: June live cattle closed down $0.32 at $121.70 yesterday. Prices closed nearer the session low yesterday. Cattle futures bears still have the overall near-term technical advantage. The bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the April high of $124.50. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the contract low of $120.20. First resistance is seen at this week’s high of $122.37 and then at of $123.00. First support is seen at this week’s low of $121.30 and then at $121.00. Wyckoff’s Market Rating: 2.0
May feeder cattle closed steady at $144.75 yesterday. Prices closed near mid-range. The feeder bulls and bears are on a level near-term technical playing field. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the April high of $147.70. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $143.00. First resistance is seen at this week’s high of $145.25 and then at $146.00. First support is seen at this week’s low of $144.27 and then at $144.00. Wyckoff’s Market Rating: 5.0
June lean hogs closed down $0.70 at $89.85 yesterday. Prices closed nearer the session low yesterday. The hog bears still have the overall near-term technical advantage. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at the April high of $92.70. The next downside price breakout objective for the bears is pushing prices below solid technical support at the contract low of $87.20. First resistance is seen at yesterday’s high of $90.45 and then at $91.00. First support is seen at last week’s low of $89.55 and then at $89.00. Wyckoff’s Market Rating: 2.5
