December live cattle closed up $0.47 at $118.72 yesterday. Prices closed near mid-range yesterday. The bulls still have some upside technical momentum. The cattle bulls' next upside price breakout objective is to push and close prices above solid technical resistance at $120.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $117.00. First resistance is seen at last week's high of $119.15 and then at $119.50. First support is seen at yesterday's low of $118.22 and then at $117.85.
Wyckoff's Market Rating: 5.5
Source: VantagePoint Intermarket Analysis Software
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November feeder cattle closed up $0.72 at $136.40 yesterday. Prices closed near mid-range yesterday and hit a fresh three-week high. Bulls and bears are presently on a level near-term technical playing field. Prices are in a three-week-old uptrend on the daily bar chart. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at $139.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $134.00. First resistance is seen at yesterday's high of $137.15 and then at $138.00. First support is seen at yesterday's low of $135.82 and then at $135.00.
Wyckoff's Market Rating: 5.0
December lean hogs closed down $0.85 at $82.72 yesterday. Prices closed near the session low yesterday. Bears still have the overall near-term technical advantage. However, the September low is very strong support and prices dropping to just above $80.00 have kicked off solid price uptrends the past several months. The next upside price breakout objective for the bulls is to push and close prices above solid chart resistance at $84.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at the September low of $80.55. First resistance is seen at $83.00 and then at yesterday's high of $83.65. First support is seen at $82.50 and then at $82.00.
Wyckoff's Market Rating: 4.5
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