LIVE CATTLE: Dec
It was a slow day in the cattle complex. Today's action should improve as cash action should start to develop in the North and move South. The Dec contract has struggled to break out above $85.70 the last few sessions, but if it can get through resistance today then you can expect $86.45. On the down side the market will find new selling on a slide below $85.35, eventually finding next support at $84.55.
Support: 85.35 & 84.90 Resistance: 85.70 & 86.12
Long Term Trend: Up above 84.60 Short Term Trend: Up above 84.57
FEEDER CATTLE: Nov
Nov feeders opened higher right in the first resistance area and did nothing till mid session. Again today expect the $95.00 area to prove as initial resistance then $96.30 as a secondary area of resistance. Below $95.00 the market will be subject to dip back to the $94.00 area, in which above, the market trades sideways. Short term charts still look slightly friendly as long as the market stays above $93.65 on a closing basis.
Support: 94.57 & 94.02 Resistance: 94.85 & 95.35
Long Term Trend: Down below 96.20 Short Term Trend: Up above 93.65
Dec corn is flirting right on a key pivot level. Near term resistance has moved down to 376 today, especially on a closing basis. Below this area expect selling that test 370 through out the day. A close or break of 370 today could lead to secondary selling pushing the market to 363. On the upside a push through 376 on good volume takes the market quickly back to 381, with a close above this area would be considered bullish.
Support: 372, 370 & 363 Resistance: 376, 381 & 383
Long Term Trend: Down below 373 Short Term Trend: Down below 376
Trade was choppy in the Dec hogs yesterday giving no indication to the next larger move. Lack of direction has begun to weaken momentum indicators which could foster a pull back to $53.10. Today below $54.60 expect a dip to $53.90 and below $53.90 look for $53.10. A push through resistance of $54.60 and or a daily close above could quickly take the market $55.45 early next week.
Support: 53.90 & 53.10 Resistance: 54.60 & 55.22
Long Term Trend: Up above 53.90 Short Term Trend: Up above 53.10
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: Dec