December lean hogs closed down $0.47 at $63.32 today. Prices closed nearer the session low today and hit a fresh 10-week low. Bears have gained solid downside technical momentum recently. A six-week-old downtrend line is in place on the daily bar chart. Bears would gain some better downside technical momentum by producing a close below solid support at the May low of $62.65. Still, I've noticed that when technicals start to turn significantly bearish in hogs, such as is the case now, that's when heavy fund buying seems to steps into the market to send prices solidly higher. The next upside price objective for the bulls is closing prices above solid chart resistance at $65.00. First resistance is seen at today's high of $64.00 and then at $64.67. First support is seen at today's low of $63.10 and then at $62.65. Wyckoff's Market Rating: 3.0.

February pork bellies closed up $0.80 at $87.50 today. Prices closed near the session high on short covering in a bear market. Prices hit a fresh contract low on Friday. The bears still have the solid near-term technical advantage. The next upside price objective for the bulls is closing prices above solid resistance at $90.00. 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 $88.00 and then at $89.00. First support is seen at $87.00 and then at $86.25. Wyckoff's Market Rating: 1.5