LIVE CATTLE: Oct
Today $85.65 will be a key pivot point in the live cattle markets. An open below $85.50 would be bearish allowing more pressure down to at least $85.02 early in the session. An open above $85.65 could take the market to $86.25 in which should be good resistance for the day.
Support: 85.50 & 85.02 Resistance: 85.65 & 86.25
Long Term Trend: Down below 86.17 Short Term Trend: Down below 86.87
FEEDER CATTLE: Oct
Feeder cattle recovered slightly on Friday. Today the market should hold near support at $96.45 and could see more of a correction up to $97.90. A daily close back above $97.90 would signal that the market has more upside potential back up to $99.50.
Support: 96.72 & 96.45 Resistance: 97.32 & 97.90
Long Term Trend: Down below 97.52 Short Term Trend: Down below 98.52
Dec corn continues to erode after last weeks weather scare. Friday's settlement below 322 turns the market bearish with next critical support being the 310 area today. A close below this the market continues down to 301. Early resistance on the opening will be 317. A trade back through this area could allow follow through to 321, in which should hold the market.
Support: 312, 310 & 307 Resistance: 315, 317 & 321
Long Term Trend: Down below 321 Short Term Trend: Down below 331
For Dec hogs this week $49.10 is going to be critical support. Above this area the market will continue to have chances of rallies and if the market is to ever take out last weeks highs a significant rally could take place. On the downside if the market has a daily settlement below this key support the downtrend in the market could resume.
Support: 50.10 & 49.60 Resistance: 50.70 & 51.40
Long Term Trend: Up above 51.47 Short Term Trend: Down below 51.40
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