CHICAGO (Dow Jones)--Analysts and brokers foresee a mixed Chicago Mercantile Exchange hogs open Friday on position squaring before the Labor Day holiday and possible pre-"Goldman roll" activity.

The Goldman roll consists of funds moving some of their October long positions into December. The first of five days for the Goldman roll period will officially begin Sept. 8 and is done in association with the Standard & Poor's Goldman Sachs Commodity Index.

Front-month lean hog buying after the futures' rally Thursday could carry over into Friday's open. Steady cash hog expectations may interest prospective bulls.

Also, spot-October and nearby-December Thursday settled almost in line or at discounts to CME's hog index - which could attract prospective buyers.

However, late-Thursday's $1.14 per hundredweight pork cutout pullback that halved pork packer profit margins is a bearish market consideration.

The Dow Jones packer margin index for Thursday's operations was plus $3.10, compared to plus $6.74 the previous day.

Meanwhile, October and December is creeping into overbought Relative Strength Index territory - which might result in possible front-month selling into upticks.

October's 49.22-cent Thursday low is a support level. Thursday's low and Wednesday's 49.05 high define October's chart gap.

October's 50.75 Aug. 5 high is an area of price resistance. The contract's 51.07 40-day moving average is a resistance barrier.

December's 47.10 Thursday low serves as an area of price support. The contract's 48.60 Thursday high is a price resistance threshold.

CME bellies could start the session mixed amid position squaring in advance of the upcoming holiday.

Possible spillover from futures' upswing Thursday and that evening's steady fresh belly quote at $66 per hundredweight are market pluses.

However, potential profit-taking by short-term longs and nervousness about the return of daily hog slaughters above 430,000 head could pressure belly futures.

February's 80.00-cent Aug. 18 high is a support floor. The contract is set to take on its 81.07 40-day moving average resistance obstacle.

Cattle Complex

Pre-Labor Day positioning and the potential migration by longs out of October into December in preparation for early next week's Goldman roll period may produce an uneven CME live cattle open, said brokers and analysts.

Spot October and nearby December oversold chart conditions may at times provide positive front-month influence.

And, reduced numbers of fed cattle for sale this week stir some measure of confidence that packers will pay at least steady money for supplies. However, some of those hopes may dim after cash-basis cattle in Nebraska on Thursday moved at $83.

Nonetheless, fed cattle bids elsewhere were reported up to $84 per hundredweight versus $87 to $88 asking prices. Fed cattle last week fetched mostly $85.

Also, fading beef packer profit margins and lagging wholesale boxed beef prices threaten this week's cash cattle price returns.

The latest operating margin index for beef packers was plus $20.10 per head, compared with plus $25.20 the previous day, as calculated by HedgersEdge.com.

The U.S. Department of Agriculture's Thursday evening boxed-beef item showed choice items slipped $0.28 per hundredweight, and select cuts were down $0.41.

Furthermore, bullish speculators may get antsy the longer cash cattle buyers and sellers take to agree on this week's cash prices.

October's 86.00-cent June 17 low is a price support level. The contract's 87.40 10-day moving average is a resistance barrier.

December's 86.30 Feb. 20 low is a level of price support. The contract's 87.39 10-day moving average is a resistance obstacle.

Feeder cattle's open could vary.

Selling follow through after Thursday's weakness and back-month feeder cattle premiums to CME's feeder cattle index are bearish market issues.

However, potential short covering and October's oversold chart condition could wield bullish market influence. Also, front-month feeders are nearly in line or at bullish discounts to the exchange's feeder cattle index.

September's 98.25-cent Thursday low is a price support point. The contract's 98.86 10-day moving average is a resistance mark.

October's 98.25 Thursday low is a price support area. The contract's 98.88 10-day moving average is a resistance threshold.

-By Theopolis Waters; Dow Jones Newswires; 312-341-5778; theopolis.waters@dowjones.com