October live cattle closed down $2.00 at $96.45 yesterday. Prices closed near the session low and hit a fresh three-week low yesterday. Some near-term technical damage was inflicted with yesterday's sharp losses. The key "outside markets" were in a bearish posture for the cattle market yesterday, as the U.S. dollar index was stronger, while crude oil and U.S. stock index futures prices were weaker. The cattle market bulls still have the overall near-term technical advantage, but faded badly yesterday and need to show fresh power soon. A three-month-old uptrend on the daily bar chart was at least temporarily negated yesterday. Bulls' next upside price objective is to push and close prices above solid technical resistance at yesterday's high of $98.55. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $95.00. First resistance is seen at $97.00 and then at $97.25. First support is seen at yesterday's low of $96.30 and then at $96.00.

Wyckoff's Market Rating: 6.0.

Source: VantagePoint Intermarket Analysis Software

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September feeder cattle closed down $2.15 at $112.02 yesterday. Prices closed near the session low yesterday and hit a fresh three-week low. Serious near-term chart damage has been inflicted to suggest a near-term market top is in place. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at $114.00. The next downside price objective for the bears is to push and close prices below solid technical support at the August low of $111.25. First resistance is seen at $112.50 and then at $113.00. First support is seen at yesterday's low of $111.90 and then at $111.50.

Wyckoff's Market Rating: 5.5

October lean hogs closed down $1.47 at $75.72 yesterday. Prices closed nearer the session low yesterday. The key "outside markets" were in a bearish posture for the hog market yesterday, as the U.S. dollar index was higher, while crude oil and U.S. stock index futures prices were weaker. This market has been very choppy recently. Bulls and bears are back on a level near-term technical playing field in hogs. However, a bearish diamond pattern has formed on the daily chart. The next upside price objective for the bulls is to push and close prices above solid chart resistance at $77.72. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $74.10. First resistance is seen at $76.00 and then at $76.50. First support is seen at yesterday's low of $75.37 and then at $75.00.

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.