LIVE CATTLE: Oct
The cattle complex was under pressure through most of the sessions. The market is bearish this morning below $87.80 with dips reaching down to $87.02 likely. If trade reaches back above $87.85 then follow through buying could take the market back to $88.30. A reversing close above this area would take the bearishness out of the market.
Support: 87.02 & 86.87 Resistance: 87.80 & 98.30
Long Term Trend: Down Below 87.72 Short Term Trend: Down below 88.30
FEEDER CATTLE: Oct
Feeders broke late in the session as well, but not to the extent of the live cattle. Close in resistance in now $99.60 in the Oct feeders. Trade that gets through this area can bounce back to $100.27, but the market needs a daily close above $100.57 in order to stop selling. On the downside below $99.60 the market slips to $99.10, which should be good support for today.
Support: 99.10 & 98.70 Resistance: 99.60 & 100.27
Long Term Trend: Down below 99.75 Short Term Trend: Down below 100.57
Corn continues to be range bound. For the pit open this morning if trade is above 328 it could burst to 333, in which should be good resistance for the day. Above this area then expect continuation up to 337 tomorrow. A failure to stay above 328 will allow choppy trade down to 326. Below 326 expect a break to 321.
Support: 326, 324 & 321 Resistance: 328, 333 & 337
Long Term Trend: Down below 326 Short Term Trend: Up above 325
The hog market saw another day of triple digit trade to the downside. Below $45.57 the market is defensive for continued selling down to $44.95 early today. Below this area the next good support will be $44.30. On the upside above $45.57 the market could bounce back to $46.40 then $46.90. Only a close above $46.40 will slow down sellers.
Support: 44.95 & 44.30 Resistance: 45.57 & 46.40
Long Term Trend: Up above 43.10 Short Term Trend: Down below 46.40
Brock Thompson Trading, 2525 Lakeview Dr. Amarillo, TX 79109, firstname.lastname@example.org (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.
These forecasts 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.
LIVE CATTLE: Oct