August live cattle closed up $1.17 at $103.45 yesterday. Prices closed nearer the session high yesterday and hit a fresh contract high. Fund buying amid bullish fundamentals and technicals boosted the cattle market yesterday. The bulls still have the solid near-term technical advantage, amid no solid early clues of a market top being close at hand. However, the market is presently short-term overbought, technically, and due for a downside technical correction very soon. The bulls' next upside price objective is to push and close prices above solid resistance at $104.00. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $102.12. First resistance is seen at yesterday's contract high of $103.80 and then at $104.00. First support is seen at $103.00 and then at yesterday's low of $102.60.
Wyckoff's Market Rating: 9.0
AUGUST FEEDER CATTLE
August feeder cattle closed up $0.52 at $109.67 yesterday. Prices closed nearer the session high after hitting a fresh five-week low early on yesterday. Short covering was featured yesterday. However, soaring corn prices again limited the upside in feeders. Feeder bears still have the slight near- term technical advantage. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at $111.00. The next downside price objective for the bears is to produce a close below solid support at yesterday's low of $107.85. First resistance is seen at yesterday's high of $110.05 and then at $110.50. First support is seen at $109.00 and then at last week's low of $108.52.
August lean hogs closed down $0.25 at $74.90 yesterday. Prices closed nearer the session low yesterday. Bears still have the near-term technical advantage in hogs. Prices have paused after the recent downside "breakout," and this pause is not bullish. The next upside price objective for the bulls is to push prices above solid chart resistance at $76.60, which would fill on the upside a downside price gap. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $73.90. First resistance is seen at $75.50 and then at yesterday's high of $75.80. First support is seen at yesterday's low of $74.50 and then at $73.90.
Wyckoff's Market Rating: 4.0
JULY PORK BELLIES
July pork bellies closed down $0.80 at $73.10 yesterday. Prices closed nearer the session low yesterday. Bears still have the near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $76.00. The next downside price objective for the bears is pushing prices below solid chart support at the June low of $70.95. First resistance is seen at last week's high of $75.20 and then at $76.00. First support is seen at yesterday's low of $72.50 and then at $72.00.
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 including commodity futures trading in Softs and Metals. Click here for full
bio >>
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