LIVE CATTLE:  Apr

The much anticipated first day of Goldman Roll came and went without much fan fare.  The market was able to absorb the rolling of April contracts to June without any big fluctuations.  To start the week $93.50-60 will be key resistance for the market.  Moving above this area could ignite another round of buying that would take the market up to the mid $94.00 area.  Holding below this area the market becomes neutral until breaking back below $92.65, in which a break back to $91.50 would be likely. 

Support: 92.65 & 92.35      Resistance: 93.50 & 93.90      Long Term Trend: Up above 92.37      Short Term Trend: Down below 93.60

Upper Momentum:  93.12       Lower Momentum: 92.07

FEEDER CATTLE:   March

March feeders failed to maintain price above $102.80 last week and weakened on Friday.  Starting out this week resistance has moved up to $102.90.  A close above this area and the market could push up to $103.20-40.  Again holding below this level could set the market up for a break back to $101.50.  Today breaking $102.35 could begin the start of the correction back to this area.  A daily close below $101.50 and the market will move back to $100.20. 

Support:  102.35 & 101.50      Resistance: 102.90 & 103.40     Long Term Trend: Up above 101.90       Short Term Trend: Down below 103.20

Upper Momentum: 102.50     Lower Momentum: 101.30

CORN:   May

Friday's action in the corn market was rather surprising.  The reversal day turned the daily technical's bearish and now points to lower trade for the market moving forward.  Any recovery bounces today should stall up against the 380 area.  Only closing back above 382 would negate Friday's action.  On the downside breaking 375 today could attract more selling as I would look for the market to possible grind down to 368 over the next few sessions.  All this being said I still think the market will remain choppy, but at different levels then last week. 

Support: 375, 373, & 368      Resistance: 378, 382, & 385      Long Term Trend: Down below 380      Short Term Trend: Down below 384

Upper Momentum: 385     Lower Momentum: 375  

Hogs:  Apr

Apr hogs traded sideways to lower during Friday's session.  Goldman Roll was able to pressure the Aprils into the close.  For this week the market will continue to see strong resistance above $74.00.  If the market is able to push above this area especially on a closing basis the market could move up into the $76.00 area.  With Friday's negative close the market could possibly be moving into a sideways market between $74.00 and $72.72.  Breaking below $72.72 allows $72.00, in which a close below this area turns the market south for a test of support at $70.70-40. 

Support: 73.10 & 72.72     Resistance: 73.40 & 73.82     Long Term Trend: Up above 72.72      Short Term Trend: Up above 73.30

Upper Momentum: 73.22    Lower Momentum: 70.40

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.