LIVE CATTLE:  Apr

The market tested Friday's highs during yesterday's session.  Opening above this area this morning or pushing above it on good volume would indicate that a move up to $92.37.  Holding below this area the market could correct back down into the $90.00 area rather swiftly.  Use $90.80 as today's pivot point; if the market pulls back below this support then expect at least $90.50 at a minimum.  Only a close back below $90.00 would take the bullishness out of the market and allow a larger correction back to $89.27. 

Support: 90.80 & 90.05     Resistance: 91.30 & 91.72     Long Term Trend: Up above 89.85     Short Term Trend: Up above 90.20

Upper Momentum:  90.50     Lower Momentum: 89.22

FEEDER CATTLE:   March

Immediate support has moved up to $99.25 for today.  Holding above this area keeps a friendly bias in the market with upside objective of $100.15.  This area of resistance can hold the feeder market in the near term.  Breaking back below $99.25 allows a correction down to $98.17 and below this support the market would need to take out $97.25 in order to consider a high for the March contract has been seen. 

Support:  99.25 & 98.85     Resistance:  99.92 & 100.15      Long Term Trend: Up above 98.25      Short Term Trend: Up above 99.25

Upper Momentum: 99.15      Lower Momentum: 97.82

CORN:   Mar

The corn market managed to close higher and could be trying to muster a larger correction over the next couple weeks.  A daily close above the upper momentum at 365 would look very attractive to technical traders.  Before we get too far ahead of ourselves the market needs to hold above 355 on dips and especially a closing basis.  Closing back below 355 would negate any of the positive trade the market has achieved the last couple days.  Below 355 expect 347 today.  Holding above 355 and especially above 359 the market will test 365. 

Support: 355, 347, & 343     Resistance: 359, 363, & 365      Long Term Trend: Down below 365     Short Term Trend: Up above 341

Upper Momentum: 365     Lower Momentum: 355

Hogs:  Apr

A gap higher and the hog complex were off to the races yesterday.  Yesterday's strength could carry over into today's session allowing a move up to an area of wide resistance that begins at $69.50 and goes up to $70.10.  Early support will be at $68.70 with today's pivot point at $68.45.  Breaking $68.45 takes the market down to $68.12, in which only a close below this area could again potentially become bearish.

Support: 68.70 & 68.45     Resistance: 69.50 & 70.10      Long Term Trend: Up above 67.12     Short Term Trend: Up above 67.50

Upper Momentum: 70.10      Lower Momentum: 66.82

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.