June live cattle closed up $1.30 at $95.52 yesterday. Prices closed near the session high yesterday 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 yesterday'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.
Source: VantagePoint Intermarket Analysis Software
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August feeder cattle closed up $0.57 at $116.65 yesterday. Prices closed near the session high yesterday. 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 yesterday's high of $116.85 and then at $117.10. First support is seen at $116.00 and then at yesterday's low of $115.45.
Wyckoff's Market Rating: 8.0
June lean hogs closed up $0.60 at $86.92 yesterday. Prices closed nearer the session high yesterday. 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 yesterday's high of $87.10 and then at $87.55. First support is seen at $86.25 and then at yesterday's low of $85.80.
Wyckoff's Market Rating: 7.5
May pork bellies closed up $0.92 at $99.72 yesterday. 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 yesterday's low of $98.70 and then at $98.00.
Wyckoff's Market Rating: 8.0
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