LIVE CATTLE: Oct
Yesterday's action came to a stand still once the early burst and pull back occurred. In order to keep rally attempts alive the market needs to hold above $86.95 intra-day and especially on a daily close. The inability of the market to do this will allow $86.10 to be attainable possibly today and $85.50 next week. Above $86.95 bull forces stay intact as the market should push up to $88.00 today. A daily close above $88.00 would allow $88.87 early next week.
Support: 86.95 & 86.52 Resistance: 87.50 & 88.02
Long Term Trend: Up above 86.90 Short Term Trend: Up above 86.95
FEEDER CATTLE: Oct
Oct feeders are hovering just above support. A break of $99.67 today will most likely see follow thru down to $99.12. Trade that holds above support could push up to $100.42. As long as the market holds above $99.00 the longer term picture indicates that the over the next few trading days a push to $101.40 is possible. A close below $99.00 takes the market back to $98.20.
Support: 99.67 & 99.12 Resistance: 100.10 & 100.42
Long Term Trend: Up above 98.20 Short Term Trend: Up above 99.00
Dec corn saw a late day rally, followed by choppy trade in the night session. If there are any surprises in the corn reports this morning then expect the market to move accordingly. On the upside today the market will run into resistance at 319 and then 321. Above 321 the market will move up to longer term resistance at 331-334. Only a daily close above this area would turn the market back bullish. On the downside look for a break of 309 to attract selling down to 303.
Support: 312, 309 & 303 Resistance: 319, 321 & 331
Long Term Trend: Down below 315 Short Term Trend: Down below 319
The Dec hogs had a big day. Today above $50.40 the market is stable and above $51.25 the market could pop to $51.85. Below $50.40 today the market will become defensive with the downside risk of $49.50. A daily close below this area would begin to turn the market negative.
Support: 50.40 & 49.50 Resistance: 51.00 & 51.85
Long Term Trend: Up above 49.50 Short Term Trend: Up above 49.87
Brock Thompson Trading, 2525 Lakeview Dr. Amarillo, TX 79109, email@example.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.
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