LIVE CATTLE: Oct
After an early rally the outright trade in the cattle became slow. Short roll was the biggest feature thru the day. Above $87.05 the market keeps rally chances viable up to $87.67, in which the market needs to trade through in order to then move up to the $88.05 area. An open below $87.05 today could open the downside risk, especially if the market takes out $86.65 early. A daily close below this area would allow continuation down to $85.77.
Support: 87.05 & 86.65 Resistance: 87.27 & 87.67
Long Term Trend: Up above 86.72 Short Term Trend: Up above 86.87
FEEDER CATTLE: Oct
Again today support will be at $99.00 in the Oct feeders. An open below this area could accelerate a sell off down to $96.92. Above this area the market is neutral with rally attempts that will test $99.70. Only a daily close back above $99.70 would turn the market and allow a push up to $101.20.
Support: 99.00 & 98.55 Resistance: 99.62 & 100.32
Long Term Trend: Up above 98.50 Short Term Trend: Up above 98.50
It looks like the corn market is trying to make its way up to upper resistance of 331. Today the market will be supportive above 318 and should work towards resistance at the 325 area. Once tested the market could pull back to 317, but only a close below this area would again turn the corn near term bearish for a break to the lower end of the trading range.
Support: 318, 316 & 311 Resistance: 320, 322 & 325
Long Term Trend: Down below 315 Short Term Trend: Up above 317
Dec hogs had triple digit losses before recovering to close modestly lower on the session. The overnight trade has pulled the market back up to an area of near term resistance at $49.67. If the market fails to trade above this area then expect a drop back down to $48.75. A close below $48.75 would be bearish and allow breaks to begin to test lower momentum collars of $46.67. Above $49.67 the market can move up to $50.10 in which should hold the market for the week.
Support: 49.00 & 48.70 Resistance: 49.67 & 50.10
Long Term Trend: Down below 50.10 Short Term Trend: Down below 50.10
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: Oct