December live cattle closed down $1.05 at $97.30 yesterday. Prices closed nearer the session low yesterday, hit a fresh six-week low and saw a bearish downside "breakout" from a recent sideways trading range on the daily bar chart. The key "outside markets" were also in a bearish mode for the cattle market yesterday, as the U.S. dollar index was firmer, while crude oil and U.S. stock index futures prices were weaker. Bears have gained the near-term technical advantage in the live cattle market.Bulls' next upside price objective is to push and close prices above solid technical resistance at $100.00. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $95.00. First resistance is seen at $98.00 and then at yesterday's high of $98.30. First support is seen at yesterday's low of $97.10 and then at $96.45.
Wyckoff's Market Rating: 4.0.
Source: VantagePoint Intermarket Analysis Software
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November feeder cattle closed down $1.60 at $110.67 yesterday. Prices closed near the session low yesterday as the bulls quickly faded after showing good upside power late last week. Bears have regained the near-term technical advantage. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at last week's high of $112.85. The next downside price objective for the bears is to push and close prices below solid technical support at the September low of $108.30. First resistance is seen at $111.00 and then at $111.50. First support is seen at $110.50 and then at $110.00.
Wyckoff's Market Rating: 4.0
December lean hogs closed down $0.87 at $72.00 yesterday. Prices closed nearer the session low yesterday and hit a fresh 2.5-month low. The key "outside markets" were in a bearish mode for the hog market yesterday, as the U.S. dollar index was firmer, while crude oil and U.S. stock index futures prices were weaker. Deteriorating cash hog market fundamentals are also bearish for hog futures. Bears now have the near-term technical advantage. The next upside price objective for the bulls is to push and close prices above solid chart resistance at $74.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $70.00. First resistance is seen at $72.50 and then at yesterday's high of $75.72. First support is seen at yesterday's low of $71.75 and then at the August low of $71.62.
Wyckoff's Market Rating: 4.0
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