LIVE CATTLE: Oct
The cattle should recover after cash cattle traded $85.00 yesterday. Overnight markets are already around $.40 higher. Look for the market to run into near term resistance in an area of $88.25-37 early, and above this area there should be good resistance at $88.80. Stale trade that can't work through $88.25 early will be subject to set backs against $87.75. A close below $87.75 would be slightly bearish to start next week.
Support: 87.75 & 87.35 Resistance: 88.25 & 88.75
Long Term Trend: Down Below 87.75 Short Term Trend: Down below 88.37
FEEDER CATTLE: Oct
The late rally in the corn could keep pressure on the feeder complex. Below $98.95 the market will continue to be negative, with the possibility of retesting yesterday's lows. The $98.40-50 area should be good support for the week and could hold feeders into next week. A reversing close back above $99.60 would slow down the selling and allow a recovery back up to $100.40.
Support: 98.42 & 98.25 Resistance: 99.15 & 99.60
Long Term Trend: Down below 99.60 Short Term Trend: Down below 100.40
A late day rally brought corn off of its lows and closing above near term resistance. The market will be supported on dips this morning back to 328, and again below this the market trades sideways until breaking 326 in which the market will trade back down to 322. On the upside as long as trades stays above 328 then the next objective will be 334-336 for today.
Support: 328, 326 & 323 Resistance: 332, 334 & 336
Long Term Trend: Up above 325 Short Term Trend: Up above 328
After early sideways action the hog market found enough strength to rally. Overnight trade is seeing follow thru buying as well. A dip back to $46.40 would not be a surprise as thin as the market can be at times, but above this support there continues to be rally chances. There is potential for the hogs to make it to $48.15 today. The inability of the market to sustain trade above early week highs could lead to a bearish reversal, but the market would have to take out $46.40 on a closing basis.
Support: 46.40 & 45.67 Resistance: 47.30 & 47.62
Long Term Trend: Up above 43.80 Short Term Trend: Down below 46.40
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