Livestock Futures Commentary from Jim Wyckoff
LIVESTOCK: June live cattle closed up $1.30 at $95.52
today. Prices closed near the session high today as the
bulls have regained upside near-term technical momentum.
Recent near-term technical damage has now been repaired.
The cattle market bulls have the solid overall near-term
technical advantage. Bulls' next upside price objective
is to push and close prices above solid technical
resistance at the contract high of $96.22. The next
downside technical objective for the bears is pushing and
closing prices below solid technical support at the April
low of $92.90. First resistance is seen at today's high
of $95.65 and then at $96.00. First support is seen at
$95.00 and then at $94.50. Wyckoff's Market Rating: 7.5.
August feeder cattle closed up $0.57 at $116.65 today.
Prices closed near the session high today. Feeder bulls
have the solid near-term technical advantage. Prices are
in a 4.5-month-old uptrend on the daily bar chart. The
next upside price objective for the feeder bulls is to
push and close prices above solid technical resistance at
the contract high of $117.80. The next downside price
objective for the bears is to push and close prices below
solid technical support at $114.00. First resistance is
seen at today's high of $116.85 and then at $117.10.
First support is seen at $116.00 and then at today's low
of $115.45. Wyckoff's Market Rating: 8.0
June lean hogs closed up $0.60 at $86.92 today. Prices
closed nearer the session high today. Hog bulls have
quickly repaired recent near-term chart damage and have
the solid near-term technical advantage. The next upside
price objective for the bulls is to push and close prices
above solid chart resistance at the contract high of
$87.55. The next downside price objective for the bears
is pushing and closing prices below solid technical
support at last week's low of $83.75. First resistance is
seen at today's high of $87.10 and then at $87.55. First
support is seen at $86.25 and then at today's low of
$85.80. Wyckoff's Market Rating: 7.5
May pork bellies closed up $0.92 at $99.72 today. Bulls
have the solid overall near-term technical advantage. The
next upside price objective for the bulls is pushing and
closing prices above solid technical resistance at the
contract high of $100.00. The next downside price
objective for the bears is pushing and closing prices
below solid technical support at $95.00. First resistance
is seen at $100.00 and then at $101.00. First support is
seen at today's low of $98.70 and then at $98.00.
Wyckoff's Market Rating: 8.0
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