August live cattle closed down $0.20 at $104.65 yesterday. Prices closed nearer the session low yesterday in quieter trading after big gains to a fresh contract high on Friday. Mild profit taking from recent gains was featured yesterday. The bulls still have the solid near-term technical advantage, amid no solid early clues of a market top being close at hand. The bulls' next upside price objective is to push and close prices above solid resistance at the contract high of $106.12. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $102.85. First resistance is seen at $105.00 and then at yesterday's high of $105.25. First support is seen at yesterday's low of $104.27 and then at $104.00.
Wyckoff's Market Rating: 8.0
AUGUST FEEDER CATTLE
August feeder cattle closed down $0.47 at $113.10 yesterday. Prices closed near the session low yesterday on profit-taking pressure after hitting a fresh three-week high yesterday. The market was due for some profit taking after recent strong gains. Bulls still have near-term technical advantage. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at yesterday's high of $115.00. The next downside price objective for the bears is to produce a close below solid support at $111.00. First resistance is seen at $114.00 and then at $114.20. First support is seen at yesterday's low of $112.90 and then at $112.50.
August lean hogs closed down $1.02 at $77.35 yesterday. Prices closed near the session low yesterday after hitting a fresh three-week high early on. There is strong overhead resistance at the May high of $79.30. If bulls can close prices above that level there would be solid upside price potential. Bulls and bears are on a level near-term technical playing field. The next upside price objective for the bulls is to push prices above solid chart resistance at $79.30. The next downside price objective for the bears is pushing and closing prices below solid technical support at $76.00. First resistance is seen at $77.75 and then at $78.00. First support is seen at $77.00 and then at $76.60.
Wyckoff's Market Rating: 5.0
JULY PORK BELLIES
July pork bellies closed down $0.05 at $73.00 yesterday in quiet trading. Prices closed near mid-range. 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 $70.65. First resistance is seen at yesterday's high of $73.50 and then at $74.00. First support is seen at yesterday's low of $72.70 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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