LIVE CATTLE:  June

The actual pit range in the cattle was narrow yesterday so support/resistance is all in a tight range today from $90.85 on the upside to $90.55 on the bottom side.  If we open above the upper part of the range the market will have the ability to move up to $91.50, which should be good resistance for today's session.  Below $90.55 a drop to $89.60 is likely, and closing below $90.55 you can expect $88.90 over the next week. 

Support: 90.55 & 89.60                                                                 Resistance: 90.85 & 91.30             Long Term Trend: Down below 91.05                                           Short Term Trend: Down below 91.50                                                                                                                                                      Upper Momentum:  94.85                                                               Lower Momentum: 90.67

FEEDER CATTLE:   Aug

The feeder market is trying to muster a minor correction that could reach up to $109.00.  Opening above $108.00 will keep the possibility of this correction viable.  Opening below $108.00 or trading below $107.70 would definitely turn the market back bearish.  I think the feeders have one more push lower before a substantial correction could take place, so whether we see a minor bounce or not is the question.  Use a close below $107.70 to confirm lower trade is ahead. 

Support:  108.00 & 107.70                                                               Resistance: 108.32 & 109.00      Long Term Trend: Down below 109.05                                            Short Term Trend: Down below 109.00                                                                                                                                                     Upper Momentum: 114.20                                                                 Lower Momentum: 108.87

CORN:   July

Overnight trade in the corn has pushed the market above yesterday's support, which has now moved down to 371.  Holding above this level especially on a closing basis keeps the market supportive and a weekly close above 374 could attract new buying.  The market has a lot of support from 371 to 366, so closing back below the lower support would again neutralize the upward momentum and allow a drop back down to 357. 

Support: 371, 369, & 365                                                                Resistance: 373, 375 & 379        Long Term Trend: Down below 367                                                Short Term Trend: Down below 368 Upper Momentum: 375                                                                     Lower Momentum: 360

Hogs:  July

July hogs were able to hold their gains, but could never really find the strength to move above resistance.  Today $82.70 looks to be decent resistance, but if the market pushes above this level the rally could extend up to $83.80.  On the downside the market should hold $82.20 on dips.  Trading below this level of support the market will go back down to $81.35.  At this time the market is trading within a sideways trend with a slightly bearish long term bias. 

Support: 82.20 & 81.80                                                                Resistance: 82.70 & 83.42              Long Term Trend: Up above 82.20                                               Short Term Trend: Up above 82.20 Upper Momentum: 84.17                                                               Lower Momentum: 81.77

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.