LIVE CATTLE: Oct
Live cattle are higher in the overnight session. A pit open that is above $86.75 could keep support under the market allowing a rally attempt up to $87.37 which could prove to be good weekly resistance. An open below $86.75 but above $86.55 the market will be neutral. If the market opens below $86.55 then a dropt to $85.95 is most likely, and a close below $86.10 would be bearish down to $83.65 in the weeks ahead.
Support: 86.55 & 85.95 Resistance: 86.80 & 87.37
Long Term Trend: Down below 86.55 Short Term Trend: Down below 87.12
FEEDER CATTLE: Oct
Oct feeders didn't move much on Friday and are holding just above support. The market needs to get above $98.60 early this morning in order to keep selling subdued. Above $98.60 the market could push up to $99.30 which should be good weekly resistance. A break of $98.15 today turns the market bearish with the next good support hitting at $96.82.
Support: 98.15 & 97.75 Resistance: 98.60 & 99.30
Long Term Trend: Down below 98.15 Short Term Trend: Down below 99.30
Dec corn continues to grind lower. The break in the U.S. Dollar didn't help the market bounce much showing that the corn is under pressure from good growing weather. Over this week the market has a chance to make its way down to 290, which is my first target for this break. Rally attempts should stall at 323 this week, and only a close back above 337 at this time would begin to concern me that the market is trying to rally.
Support: 305, 302 & 297 Resistance: 309, 311 & 313
Long Term Trend: Down below 312 Short Term Trend: Down below 320
The hog market is up close to $1.00 in the overnight session. The Dec hogs have a shot at making it to daily resistance at $51.20 before turning back lower. If the market stalls against this area wait for a reversal to be short into the fall. On the downside a daily close below $47.80 would be a sign that the market is topped out and wants to go lower.
Support: 48.90 & 48.07 Resistance: 49.10 & 49.67
Long Term Trend: Up above 47.40 Short Term Trend: Up above 47.80
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