LIVE CATTLE: Aug
There isn't much change in the cattle complex today. The markets continue to run up on screen buying before the pit opens each morning then settle back down throughout the session. Today the $85.30 area will be a key area. If the market opens above this, then expect a possible push up to $85.92. If $85.30 proves to be resistance and the market gets back below $84.90 then it could break back to $84.30.
Support: 84.90 & 84.30 Resistance: 85.35 & 85.75
Long Term Trend: Down below 85.35 Short Term Trend: Up above 84.40
FEEDER CATTLE: Aug
The feeder complex will take advantage of the break in the grains and most likely rally at least to $104.50 today. A close above $104.50 will be bullish and allow a push up to $106.00. Now, only a close under $103.00 would be a concern that a larger correction is possible. .
Support: 102.95 & 102.40 Resistance: 103.90 & 104.50
Long Term Trend: Down below 104.50 Short Term Trend: Up above 103.10
CORN: Dec
Yesterdays sell off in the corn market and close below 339 turns the market back bearish with new lows expected. The next down side objective will be 318. The market should find resistance at 339, with only a close back above this area negating the sell signal.
Support: 334, 332 & 326 Resistance: 337, 339 & 342
Long Term Trend: Up above 318 Short Term Trend: Down below 339
Hogs: Aug
It was another choppy start to the hog market, until late in the session. The market had a nice bounce in the after hours trade off higher cut out prices. The market has taken out the top end of the trading range and moved daily support up to $63.92. Only a close back below this area would return the market bearish for now. On the upside the market could see follow through buying up to $65.72 today.
Support: 63.92 & 63.52 Resistance: 64.92 & 65.72
Long Term Trend: Up above 63.95 Short Term Trend: Up above 63.87
Brock Thompson Trading, 2525 Lakeview Dr. Amarillo, TX 79109, brock@brockthompsontrading.com (806)-350-2400
Make note that intra-day support and resistance prices change throughout the day, so if you have any questions during market hours please give me a call for an update.
Theseforecasts are solely the opinion of the author and make no representation as to how the market will actually trade. There is substantial risk of loss in trading futures and options; therefore you should carefully consider whether trading is appropriate for you in the light of your financial situation.