April live cattle closed down $2.02 at $83.90 yesterday. Prices closed near the session low yesterday. The key outside markets were in a decidedly bearish posture for cattle yesterday–sharply lower crude oil prices, a stronger U.S. dollar and sharply lower U.S. stock indexes. The cattle bears still have the near-term technical advantage and gained fresh power yesterday. Bulls’ next upside price objective is to push prices above solid technical resistance at $86.90, which would fill on the upside a downside price gap on the daily chart. The next downside technical objective for the bears is pushing and closing prices below solid technical support at the contract low of $82.40. First resistance is seen at $84.50 and then at $85.00. First support is seen at yesterday’s low of $83.80 and then at $83.50.

Wyckoff’s Market Rating:
1.5

May feeder cattle closed down $1.42 at $94.07 yesterday. Prices closed near mid-range yesterday. Bulls had gained some near- term momentum recently but lost it yesterday. Bears still have the near-term technical advantage. The next upside price objective for the feeder bulls is to push prices above solid technical resistance at $96.80, which would fill on the upside a downside price gap on the daily chart. The next downside price objective for the bears is to push prices below solid technical support at the February low of $90.50. First resistance is seen at $94.50 and then at $95.00. First support is seen at yesterday’s low of $93.25 and then at $93.00.

Wyckoff’s Market Rating: 3.5

wyckoff_030309.JPG

Source: VantagePoint Intermarket Analysis Software

Call now and you will be provided with FREE recent forecasts
that are up to 80% accurate. 800-732-5407
If you would rather have the recent forecasts sent to you, please go here.

April lean hogs closed down $0.62 at $60.27 yesterday. Prices closed near mid-range yesterday after producing a bullish weekly high close on Friday. Given the bearish outside markets yesterday, the hog market did not fare too badly. Decent gains the next couple days would be a very early clue that a market low is in place. But right now the bears still have the technical advantage. The next upside price objective for the bulls is to push prices above solid chart resistance at $62.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at the contract low of $56.90. First resistance is seen at last week’s high of $61.10 and then at $61.50. First support is seen at yesterday’s low of $59.85 and then at $59.00.

Wyckoff’s Market Rating: 2.5

May pork bellies closed down $0.72 at $79.10 yesterday. Prices closed near the session high yesterday. The bears still have the near-term technical advantage, at present, but it appears a market low could be in place. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at $82.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at the contract low of $74.00. First resistance is seen at $80.00 and then at last week’s high of $80.70. First support is seen at yesterday’s low of $78.00 and then at $77.50.

Wyckoff’s Market Rating:
2.5