Livestock Futures Commentary from Jim Wyckoff

LIVESTOCK: December live cattle closed down $1.50 at
$120.35 today. Prices closed near the session low today and
saw profit-taking pressure. The key “outside markets” were
fully bullish for the cattle market today, as the U.S.
dollar index was sharply lower, while crude oil and the
U.S. stock indexes were sharply higher. Yet, cattle sold
off sharply anyway, and that's a bearish near-term clue.
Cattle bulls do still have the overall near-term technical
advantage. The bulls' next upside price breakout objective
is to push and close prices above solid technical
resistance at today's high of $122.40. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at $118.50.
First resistance is seen at $121.00 and then at $121.50.
First support is seen at today's low of $120.30 and then at
$120.00. Wyckoff's Market Rating: 6.0

November feeder cattle closed up $0.77 at $143.12 today.
Prices closed near mid-range today. Bulls still have the
solid overall near-term technical advantage. The next
upside price objective for the feeder bulls is to push and
close prices above technical resistance at the contract
high of $145.90. The next downside price breakout objective
for the bears is to push and close prices below solid
technical support at last week's low of $140.20. First
resistance is seen at today's high of $144.10 and then at
last week's high of $144.70. First support is seen at
today's low of $142.10 and then at $141.60. Wyckoff's
Market Rating: 7.5

December lean hogs closed down $1.65 at $87.75 today.
Prices closed nearer the session low today on profit taking
after hitting a fresh two-month high on Friday. The key
“outside markets” were fully bullish for the hog market
today, as the U.S. dollar index was sharply lower, while
crude oil and the U.S. stock indexes were sharply higher.
Yet, hogs sold off sharply anyway, and that's a bearish
near-term clue. Hog bulls still have the overall near-term
technical advantage. However, market tops were put in place
in recent months, near last week's high. The next upside
price breakout objective for the bulls is to push and close
prices above solid chart resistance at $90.00. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at last week's low of
$86.45. First resistance is seen at $88.00 and then at
$88.50. First support is seen at today's low of $87.50 and
then at $87.00. Wyckoff's Market Rating: 6.5

Read More at TraderPlanet.com »