Livestock Futures Commentary -- MrSwing

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Livestock Futures Commentary
test localhost Sep 06, 2012

Jim Wyckoff

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October live cattle closed up $0.15 at $126.32 yesterday. Prices closed near mid-range yesterday, hit a fresh nearly three-week high and saw more short covering. Bulls have the slight near-term technical advantage. The bulls' next upside price breakout objective is to push and close prices above solid technical resistance at the August high of $127.22. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the August low of $123.40. First resistance is seen at yesterday's high of $126.70 and then at $127.22. First support is seen at yesterday's low of $125.85 and then at $125.25. Wyckoff's Market Rating: 5.5

October feeder cattle closed up $0.17 at $147.12 yesterday. Prices closed near the session low yesterday in quieter trading but did hit another fresh seven-week high yesterday. Feeder cattle bulls have the near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at 150.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $144.00. First resistance is seen at yesterday's high of $147.80 and then at $148.50. First support is seen at $146.50 and then at $146.00. Wyckoff's Market Rating: 6.0

October lean hogs closed down $0.57 at $73.62 yesterday. Prices closed nearer the session low yesterday and scored a bearish "outside day" down on the daily bar chart. Hog bears still have the overall near-term technical advantage. However, my bias is that the downside is limited for hog futures at present price levels. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $75.50. The next downside price breakout objective for the bears is pushing prices below solid technical support at $70.00. First resistance is seen at $74.00 and then at $74.50. First support is seen at yesterday's low of $73.12 and then at the contract low of $72.30. Wyckoff's Market Rating: 2.0