LIVE CATTLE: Dec
After a quick break the Live Cattle markets stabilized before jumping higher late in the day off of much better cash trade in the North. Dec cattle above $86.50 today will be set to rally to $87.17. A close today above $87.17 allows $88.62. Yesterday's action took price above longer term resistance, and as long as it stays above $86.30 on a closing basis the charts will remain friendly. A daily close back below this area of support would allow a further dip back to $85.50, in which a close below that is bearish down to $83.00. (Support based off of current overnight trade)
Support: 86.50 & 86.00 Resistance: 86.82 & 87.17
Long Term Trend: Up above 85.32 Short Term Trend: Up above 85.67
FEEDER CATTLE: Nov
Nov feeders tested support on yesterday's break and now should be set to test near term resistance at $96.30. Above $96.30 then expect $97.50 by next week. If the market stalls against $96.30 a break back to $95.00 is likely, but only a close below this are will turn the market back south with continuation now down to the $93.00 level.
Support: 95.00 & 94.47 Resistance: 96.30 & 96.70
Long Term Trend: Down below 96.30 Short Term Trend: Up above 94.32
Again today in the corn complex the market needs to stay above 378 to remain friendly near term. A push back above 386 could reignite buying for another leg higher that would reach to 396. If the market is going to move higher it needs to do it quickly, other wise it is setting up for a larger correction. If a correction is forthcoming, look for a break of 378 or 370 for less aggressive traders as a signal. A close below especially 370 would allow a pull back to at least 354.
Support: 383, 382 & 377 Resistance: 386, 388 & 394
Long Term Trend: Down below 378 Short Term Trend: Down below 388
Dec hogs had a break to the down side yesterday. For today the market will have early resistance at $53.45. A push through this area takes the market back to $54.65, but a failure to push back through this resistance will turn the market lower again. Breaking $52.92 takes the market back to $52.30 and possibly $51.50, the latter being strong daily support.
Support: 52.92 & 52.30 Resistance: 53.45 & 54.65
Long Term Trend: Down below 53.90 Short Term Trend: Down below 53.72
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: Dec