April live cattle closed up $0.45 at $90.85 yesterday. Prices closed near mid-range yesterday and also closed at a fresh three-week high close. The key "outside markets" were in a mostly bullish posture for cattle yesterday, as the U.S. dollar index was weaker, while crude oil and gold prices were higher. Bulls have the near-term technical advantage. Bulls' next upside price objective is to push and close prices above solid technical resistance at the January high of $91.35. The next downside technical objective for the bears is pushing and closing prices below solid technical support at last week's low of $88.55. First resistance is seen at yesterday's and last week's high of $91.20 and then at $91.35. First support is seen at yesterday's low of $90.40 and then at $91.10.

Wyckoff's Market Rating: 6.5.

Source: VantagePoint Intermarket Analysis Software

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March feeder cattle closed up $0.90 at $99.22 yesterday. Prices closed nearer the session high yesterday and closed at a fresh two-week high close. Bulls have regained upside near-term technical momentum. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at the January high of $99.95. The next downside price objective for the bears is to push and close prices below solid technical support at last week's low of $97.10. First resistance is seen at yesterday's high of $99.65 and then at $99.95. First support is seen at $99.00 and then at $98.50.

Wyckoff's Market Rating: 6.5

April lean hogs closed up $2.17 at $69.90 yesterday. Prices closed near the session high and were supported on short covering and fresh fund bargain-hunting buying. The key "outside markets" were in a mostly bullish posture for hogs yesterday, as the U.S. dollar index was weaker, while crude oil and gold prices were higher. Bulls did regain some fresh upside technical momentum yesterday and are back on a level near-term technical playing field with the bears. The next upside price objective for the bulls is to push and close prices above solid chart resistance at $70.45, which is the top of a downside price gap on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at the February low of $65.65. First resistance is seen at yesterday's high of $69.05 and then at $69.85. First support is seen at $68.00 and then at $67.50.

Wyckoff's Market Rating: 5.0

March pork bellies closed up $2.00 at $82.00 yesterday. Prices closed nearer the session low after trading limit up early on. Bears still have the overall near-term technical advantage. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at $85.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at the February low of $79.40. First resistance is seen at yesterday's high of $83.00 and then at $84.00. First support is seen at yesterday's low of $81.60 and then at $81.00.

Wyckoff's Market Rating: 4.0

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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.