by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER LIVE CATTLE
Wyckoff’s Market Rating: 4.0.
NOVEMBER FEEDER CATTLE
Wyckoff’s Market Rating: 4.5
Source: VantagePoint Intermarket Analysis Software
DECEMBER LEAN HOGS
December lean hogs closed down $0.82 at $59.47 yesterday. Prices closed near the session low. Serious near-term chart damage has been inflicted recently. Bears still have the technical advantage amid still-weak cash market fundamentals. A steep two-month-old downtrend line is still in place on the daily bar chart. The recent “pause” in the market is not bullish and does suggest more downside price potential in the near term. The next downside price objective for the bears is closing prices below support at last week’s low of $59.25. The next upside price objective for the bulls is closing prices above solid chart resistance at $62.02, which is the top of last week’s big downside price gap on the daily bar chart. First resistance is seen at $60.00 and then at yesterday’s high of $60.50. First support is seen at yesterday’s low of $59.40 and then at $59.25.
Wyckoff’s Market Rating: 2.0.
FEBRUARY PORK BELLIES
February pork bellies closed down $0.42 at $87.00 yesterday. Prices closed near the session low. The bears still have the near-term technical advantage. The next upside price objective for the bulls is closing prices above solid resistance at $91.00. The next downside price objective for the bears is closing prices below solid chart support at the contract low of $84.85. First resistance is seen at yesterday’s high of $88.20 and then at $88.50. First support is seen at last week’s low of $86.20 and then at $84.85.
Wyckoff’s Market Rating: 2.0