LIVE CATTLE:  Apr

The market ran buy stops shortly after the open and then continued to work its way up into the mid $94.00 area before settling down.  The market will most likely try and push up to the upper momentum collar today at $94.62.  Once tested the market could retreat back and test once resistance but now support at $93.25.  Closing today above $94.70 the market will move up to $95.75 through the week.  The market will remain supported on dips down to $93.25, but if ever broken continuation to $92.65 is possible. 

Support: 93.70 & 93.25      Resistance: 94.62 & 95.25      Long Term Trend: Up above 92.65      Short Term Trend: Up above 93.87

Upper Momentum:  93.50       Lower Momentum: 92.02

FEEDER CATTLE:   March

No change in the March feeders for today.  I will move to the April contract on Monday since the bulk of the wheat pasture run will be over.  The market continues to struggle to move over $102.80 and will most likely do so as auction barns were called lower yesterday.  This could pressure the cash index and put pressure on the futures.  Above $102.80 expect $103.20, and if a break occurs the downside objective would be $101.70 and $100.50. 

Support:  102.60 & 102.12     Resistance: 102.90 & 103.20     Long Term Trend: Up above 101.90     Short Term Trend: Down below 103.30

Upper Momentum: 102.57       Lower Momentum: 101.30

CORN:   May

After sideways to lower trade yesterday the overnight action was bearish most likely in part to outside influence.  The market should continue to work its way down to 367 in the near term.  Like yesterday any rally attempts should hold under 375 today and 380 on a weekly basis in order to stay bearish in the near term.  If and once the market test 367 then we will determine if there is more downside potential or a reversal is likely

Support: 373, 369, & 367     Resistance: 375, 376, & 380      Long Term Trend: Down below 380     Short Term Trend: Down below 382

Upper Momentum: 385     Lower Momentum: 375  

Hogs:  Apr

Hogs traded slightly lower on the session but were unable to move below $72.75.  The market is at a pivotal point in this area, and if the market breaks $72.75 then a dip to $72.00 is likely.  Moving back above $73.15 opens the door for a move up to $73.80-$74.10 area.  The market will need to close above $74.30 in order to attract new buying and below $72.00 to turn the market lower. 

Support: 72.75 & 72.00     Resistance: 73.15 & 73.80      Long Term Trend: Up above 72.75      Short Term Trend: Down below $73.90

Upper Momentum: 73.35     Lower Momentum: 70.67

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.