August live cattle closed down $0.77 at $92.65 yesterday. Prices closed near the session low yesterday on profit-taking pressure from recent gains. No chart damage occurred yesterday, but the bulls do not want to see strong follow-through selling on Tuesday that could produce some near-term technical damage. The cattle market bulls still have the overall near-term technical advantage. Futures prices are in a six-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to push and close prices above solid technical resistance at last week's high of $93.95. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $91.00. First resistance is seen at $93.00 and then at yesterday's high of $93.60. First support is seen at yesterday's low of $92.50 and then at $92.00.

Wyckoff's Market Rating: 7.0.

Source: VantagePoint Intermarket Analysis Software

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August feeder cattle closed down $0.22 at $114.95 yesterday. Prices closed near the session low yesterday after hitting another fresh nine-week high early on. Feeder bulls still have the solid overall near-term technical advantage. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at the contract high of $117.80. The next downside price objective for the bears is to push and close prices below solid technical support at $113.50. First resistance is seen at last week's high of $115.20 and then at yesterday's high of $115.72. First support is seen at $114.30 and then at $114.00.
Wyckoff's Market Rating: 7.0

August lean hogs closed down $1.22 at $82.00 yesterday. Prices closed nearer the session low yesterday as trading has recently been very, very choppy. A three-month-old downtrend is still in place on the daily bar chart, despite last Friday's bullish weekly high close. The next upside price objective for the bulls is to push and close prices above solid chart resistance at last week's high of $83.25. The next downside price objective for the bears is pushing and closing prices below solid technical support at $80.00. First resistance is seen at $82.60 and then at $83.00. First support is seen at yesterday's low of $81.75 and then at $81.50.

Wyckoff's Market Rating: 5.0

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Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years.  He was born and raised in Iowa, where he still resides.

Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another.

Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders.

His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies.  He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning.

Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.

When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.