LIVE CATTLE: Apr
The market was range bound until up until the morning meat quote came out over a dollar higher. The higher beef quote pushed the market above resistance at $92.30 hitting stops and attracting new fund buying. Today's key resistance will be the upper momentum at $92.90. Opening above this area the market could move up to old highs at $93.57 keeping the market is a solid bull trend. Opening below and holding this resistance will neutralize the market and most likely will try to pull back to $92.15 throughout the session. Holding above $92.15 is positive the market, but a close back below this area today signals a dip to now $91.05
Support: 92.67 & 92.15 Resistance: 93.15 & 93.57 Long Term Trend: Up above 92.12 Short Term Trend: Down below 93.30
Upper Momentum: 92.90 Lower Momentum: 91.67
FEEDER CATTLE: March
No relief for the shorts yet in the feeder market. The March feeders are testing old highs and stand a chance of pushing above this area. Holding above $102.00 keeps the market supported for advances that could reach the upper momentum collar at $103.30. Breaking back below $102.00 allows a correction back to $101.45.
Support: 102.12 & 101.45 Resistance: 102.70 & 103.30 Long Term Trend: Up above 101.45 Short Term Trend: Down below 102.80
Upper Momentum: 102.22 Lower Momentum: 100.82
CORN: May
After an early break the corn market was able to rebound most of yesterday's loss by the close. The market continues to find support on breaks and most likely will be in a sideways range until the March 10th crop report. Today holding above 382 keeps the market firm, but closing above 384 would turn intraday chart positive, negating the last two days of selling. Above 384 the market moves back up to retest 392. Downside the market could dip back into a wide area of support from 374-377, but as long as daily closes stay above this area then rallies are possible. Closing below 374 is bearish the market with the next level of support hitting at 362.
Support: 381, 379, & 376 Resistance: 384, 385, & 389 Long Term Trend: Up above 378 Short Term Trend: Up above 382
Upper Momentum: 385 Lower Momentum: 372
Hogs: Apr
Yesterday's session in the market consisted of selling, but overnight trade has moved pushed the market back close to $.75 higher at this time. Opening above $73.05 supports the market with old highs as the objective. If the market has good volume behind it upon breaking old highs then you can expect a move up to the upper momentum collar at $74.60 over the next few sessions. Upon the pit opening if the market pulls back it should have good support at $72.65. At this time only a close back below $71.50 would turn the market over bearish.
Support: 72.82 & 72.05 Resistance: 73.05 & 73.40 Long Term Trend: Up above 71.50 Short Term Trend: Up above 72.10
Upper Momentum: 72.22 Lower Momentum: 69.05
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.
