LIVE CATTLE: Oct
Live cattle traded lower throughout most of the day. An open today below $85.60 keeps the market under pressure with follow through selling down to $85.17. A steady to better open allows $85.90 initially and most likely $86.22-35 by the end of the day. A daily close above $86.35 turns the market back positive, and a daily close below $85.17 takes the market to $83.90.
Support: 85.60 & 85.17 Resistance: 86.90 & 87.35 Long Term Trend: Down below 86.12 Short Term Trend: Up above 85.72
FEEDER CATTLE: Oct
Oct feeders have struggled to find any support, but with a little more down side the market could find an intermediate bottom. Today below $96.00 the market stays under pressure and specifically an open below $95.75 could accelerate the decline to $94.85, in which is a target for this decline to end. An open or push through $96.00 expect a corrective rally to $96.65, with only a close back above $96.95 as a sign a larger correction is occurring.
Support: 95.75 & 95.15 Resistance: 96.00 & 96.65 Long Term Trend: Down below 97.07 Short Term Trend: Down below 96.70
Yesterday's high in the corn came close to the previous highs of 347.6. The market should now continue down to 330 in the near term. Watch for a break of 338 today to confirm a further decline. Once tested the 330 area could become support allowing for another bounce. If the market closes below 330 then continuation down to lower momentum range of 307 is possible.
Support: 338, 335 & 332 Resistance: 341, 344 & 347 Long Term Trend: Up above 335 Short Term Trend: Up above 330
There is not much good news coming out of the hog complex from the cash and product side keeping pressure on rallies. It looks as if the market is going to open below $50.05, which will keep early pressure on the market most likely dipping to $49.32. A daily close below this area would attract secondary selling down to $48.70. A reversing close back above $50.40 would be construed as bullish.
Support: 49.52 & 48.97 Resistance: 50.20 & 51.02 Long Term Trend: Up above 49.57 Short Term Trend:Dow n below 51.10
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