LIVE CATTLE:  June

Cattle are close to $1.00 lower due to outside influence.  Resistance will now be $91.25 on any bounces today.  Closing back above this area would signal a move back up to $92.30.  Holding below $91.25 the market could continue to erode with the stock market and eventually land in an area of longer term support at $88.45 before finding solid buying.  On a standalone basis the fundamentals of the market aren't as bearish as the futures market it predicting at this point. 

Support: 90.05 & 89.40                                                                 Resistance: 90.35 & 91.25             Long Term Trend: Down below 91.40                                           Short Term Trend: Down below 92.30                                                                                                                                                      Upper Momentum:  95.77                                                               Lower Momentum: 91.57

FEEDER CATTLE:   Aug

Aug feeders held the 100 day moving average yesterday, but are currently trading below this area and could continue to $106.90 near term.  On bounces the market will run into resistance at $109.70 and would need to close back above $110.32 in order to stop any selling pressure.  Closing below $106.90 the market could trigger another round of selling that would take the market down into the $104.20 area. 

Support:  107.57 & 106.90                                                              Resistance: 109.70 & 110.32      Long Term Trend: Down below 110.60                                           Short Term Trend: Down below 110.32                                                                                                                                                    Upper Momentum: 115.07                                                                Lower Momentum: 110.40             

CORN:   July

Corn has pulled back overnight after a nice three day rally.  At 370 the market is in the top of the current trading range and would need to see a solid close above 373 in order to move back up into the 380 area.  Today moving back below 364 could bring out the bears and push the market down to 360.  Below 360 another run at 350 is likely. 

Support: 368, 364, & 360                                                              Resistance: 370, 373 & 377            Long Term Trend: Down below 368                                              Short Term Trend: Down below 365 Upper Momentum: 375                                                                   Lower Momentum: 360

Hogs:  July

The hog market has felt like it was trying to stabilize over the last two sessions.  Overnight trade has the market under pressure and if it continues a move back down to $80.82 is possible.  The market is most likely going to open below $82.35 which will become resistance, so the market needs to move back above this level before attracting any new buying.  If this was to be the case then the next upside target would be in the $83.80 area.  Holding below $82.35 will keep the market on the defensive and trading below $80.82 on a closing basis would add to the bearishness. 

Support: 81.45 & 80.82                                                                 Resistance: 82.35 & 82.70             Long Term Trend: Down below 82.30                                           Short Term Trend: Down below 82.30 Upper Momentum: 85.22                                                                Lower Momentum: 82.10

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.