LIVESTOCK: October live cattle closed down
$0.02 at $97.80 today. Prices closed near the session low in
quieter trading after Friday's big gains that saw prices gap
higher on the daily bar chart, produce a bullish weekly high
close and prices hit a fresh three-week high. Bulls still do
have near-term technical momentum. The bulls' next upside
technical price objective is closing prices above solid chart
resistance at Friday's high of $98.55. The next downside price
objective for the bears is to push prices below solid chart
support at $96.90, which would fill on the downside Friday's
upside price gap on the daily bar chart. First resistance is
seen at today's high of $98.15 and then at $98.55. First support
is seen at today's low of
$97.67 and then at Friday's low of $97.15.
Wyckoff's Market Rating: 7.5.
October feeder cattle closed up $0.57 at
$118.87 today.
Prices closed near the session high and hit a
fresh contract high. Bulls have the solid technical advantage
and gained more power today. The next upside price objective for
the feeder bulls is to produce a close above psychological
resistance at $120.00. The next downside price objective for the
bears is to produce a close below solid support at $117.00.
First resistance is seen at today's contract high of $119.00 and
then at $119.50. First support is seen at today's low of $118.30
and then at $118.00. Wyckoff's Market Rating: 8.5
October lean hogs closed down
$2.95 at $67.70 today. Prices closed near the
session low and quickly reversed big gains on
Friday that produced a weekly high close.
Trading the past two sessions has been brutal to
bulls and bears. Bulls and bears are now back on
level near-term technical playing field. Weaker
cash hog prices today did weigh on the futures.
The next upside price objective for the bulls is
closing prices above solid chart resistance at
$69.37. The next downside technical price
objective for the bears is closing prices below
solid technical support at last week's low of
$66.87. First resistance is seen at $68.00 and
then at $68.50. First support is seen at $66.87
and then at $66.50. Wyckoff's Market Rating:
5.0.
February pork bellies closed
down $1.15 at $92.05 today.
Prices closed nearer the
session low and did close at a fresh three-week
low close today. Bears have regained the
near-term technical advantage. The next upside
price objective for the bulls is closing prices
above solid resistance at this month's high of
$96.35. The next downside price objective for
the bears is closing prices below solid chart
support at $91.00. First resistance is seen at
$93.00 and then at $94.00. First support is seen
at last week's low of $91.25 and then at $91.00.
Wyckoff's Market Rating: 4.0
Jim Wyckoff became a financial journalist with
Futures World News for many years, cutting his teeth
as a reporter on the futures trading floors in
Chicago and New York, where he covered every futures
market traded in the United States at one time or
another.
Click here for full
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