LIVE CATTLE:  Apr

Not much change across the cattle complex today.  Opening above $92.97 the market has the ability to move up to $93.50 and above this area $93.90 is attainable.  A daily close above $93.50 will keep the market bullish to start next week.  Breaking or opening below $92.97 and the market will move down to support at $92.62.  If $92.62 fails to hold early, then look for $92.30 as daily support.  Only closing below $92.30 would indicate that a larger pull back next week is possible. 

Support: 92.97 & 92.62     Resistance: 93.50 & 93.90     Long Term Trend: Up above 92.30     Short Term Trend: Down below 93.50

Upper Momentum:  93.07       Lower Momentum: 92.00

FEEDER CATTLE:   March

Taking out $102.80 on the opening this morning would take the market to $103.20-40 early in the session.  A failure to get above $102.80 and the market pulls back into a wide area of support starting at $102.50 down to $102.30.  It would take a daily close below $102.30 to turn the market negative for the balance of the month of March. 

Support:  102.50 & 102.30     Resistance: 102.80 & 103.40     Long Term Trend: Up above 101.85     Short Term Trend: Down below 103.20

Upper Momentum: 102.47     Lower Momentum: 101.22

CORN:   May

Given the outside bearish influence that weighed on the corn market yesterday, I thought is acted well.  Overnight trade has recovered and moved up to short term resistance.  I still think the market is going to remain choppy and traders can still use 377 as downside support and 392 as upside resistance until proven otherwise.  Use 382 as close in support today for the pivot to be long or short.    

Support: 384, 382, & 381     Resistance: 386, 388, & 392      Long Term Trend: Up above 380     Short Term Trend: Up above 384

Upper Momentum: 387    Lower Momentum: 375  

Hogs:  Apr

Hogs are set to make a run at the old $74.30 highs today.  Taking out these highs could trigger buy stops that push the market to $74.70 fairly quickly.  The market has been dipping on the opening then rallying back throughout the session, so if this is the case again today use $73.50 as an area to add to longs, but if broken use $73.30 to liquidate long positions.  As far as getting net short the market it will need to close below $72.50 in order to turn over technically

Support: 73.65 & 73.30     Resistance: 74.47 & 74.70     Long Term Trend: Up above 72.50      Short Term Trend: Up above 73.40

Upper Momentum: 73.07     Lower Momentum: 69.95

Brock Thompson Trading, 2525 Lakeview Dr. Amarillo, TX 79109, brock@brockthompsontrading.com (806)-350-2400

Would you like to know tomorrow's trading targets today?  If you would like to know where support, resistance, value ranges and market collars are projected for the following trading day or more about how we trade please visit www.MarketDayTrading.Com. 

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.