LIVESTOCK

December live cattle closed up $0.55 at $86.22 today. Prices closed near the session high today on short covering and some fresh speculative buying. The key outside markets were bullish for cattle during the trading session today, as the U.S. dollar was weaker, crude oil prices were firmer and the stock indexes were firmer. Bulls' next upside price objective is to push and close prices above solid technical resistance at the October high of $87.90. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $85.00. First resistance is seen at $86.50 and then at $86.75. First support is seen at $86.00 and then at $85.75.

Wyckoff's Market Rating: 4.5.

Source: VantagePoint Intermarket Analysis Software

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January feeder cattle closed up $0.50 at $95.57 today. Prices closed near the session high today on short covering. Bears have the near-term technical advantage. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at $97.00. The next downside price objective for the bears is to push prices below solid technical support at $94.00. First resistance is seen at today's high of $95.70 and then at $96.00. First support is seen at today's low of $95.10 and then at last week's low of $94.90. Wyckoff's Market Rating: 4.0December lean hogs closed up $1.02 at $57.72 today. Prices hit a fresh 3.5-month high and closed near the session high today. The key outside markets were bullish for hogs during the trading session today, as crude oil prices were higher, the U.S. dollar weaker and the stock indexes were firmer. Bulls have the solid near-term technical advantage and gained more power today. The next upside price objective for the bulls is to push and close prices above solid chart resistance at the July high of $59.15. The next downside price objective for the bears is pushing and closing prices below solid technical support at $55.00. First resistance is seen at $58.00 and then at $58.50. First support is seen at $57.50 and then at $57.00.

Wyckoff's Market Rating: 8.0

February pork bellies closed steady at $89.30 today. Prices closed near the session high. Bulls have the near-term technical advantage in bellies. A bull flag pattern has formed on the daily bar chart. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at the contract high of $95.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $86.00. First resistance is seen at $90.00 and then at $91.00. First support is seen at $89.00 and then at $88.00.

Wyckoff's Market Rating: 7.0

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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.