LIVE CATTLE: Oct
Cattle held up well, until late in the session. Again today above $88.90 the market could run up to $89.42, in which above this area the market will be subject to $90.12. An open or trade below $88.60 will be bearish down to $88.12 and below this the market breaks back to $87.62. For the rest of the week it wouldn't be a surprise to see trade stay between $89.42 and $88.12 until any cash news develops.
Support: 88.60 & 88.12 Resistance: 89.42 & 90.12
Long Term Trend: Up above 88.17 Short Term Trend: Up above 88.60
FEEDER CATTLE: Oct
Feeders continue to act sluggish, especially given the break in the corn market. The longer the market stays below $101.00 the less likely a rally is going to occur. The range is tight and a move either way will be possible. At this time only a rally and close above $101.40 would convince me that the feeders could go higher. A close below $100.00 would add to the bearishness of the market, but only a close below $99.60 would accelerate selling.
Support: 100.00 & 99.60 Resistance: 100.60 & 101.40
Long Term Trend: Up above 100.00 Short Term Trend: Down below 100.60
The early rally in the grain market was unable to move above key resistance and closed just above longer term support. The market will be construed bearish below 326 and again should find early support at 322. A daily close below 322 would add bearishness that would lead the market down to 307. If the market happens to get back above 326 for any extended time then it will most likely test 335.
Support: 325, 322 & 318 Resistance: 326, 329 & 335
Long Term Trend: Down below 326 Short Term Trend: Up above 325
Volatility and uncertainty were the biggest features in the hog market yesterday. Today as long as the market stays above $46.72 there continues to be rally opportunities. A break of this support could lead to a quick break back to $45.85. Above $46.72 the market is neutral to $47.47, but above this, the market could find new buying up to $48.32.
Support: 46.72 & 45.85 Resistance: 47.47 & 48.32
Long Term Trend: Up above 42.72 Short Term Trend: Up above 46.52
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