LIVE CATTLE: June
Cattle fought all day to recover early losses late in the session. Already the markets are under pressure again from a weak stock market and could see continued selling today. Opening below $92.00 will look bearish and attract selling that could send the market to $91.20 and possibly $90.75. Opening above $92.00 the market will try and test $92.50 resistance. Pushing above $92.50 follow through up to $93.47 is possible but doubtful unless the stock market firms up. A daily close above $93.47 would signal that a near term low is in place and that the market could retest the$94.60 area.
Support: 92.00 & 91.42 Resistance: 92.50 & 92.80 Long Term Trend: Down below 94.20 Short Term Trend: Down below 93.47 Upper Momentum: 96.55 Lower Momentum: 93.22
FEEDER CATTLE: Aug
Early selling has the feeders down over $1.00 already on what looks like forced liquidation or GAMO orders. The next good level of support for the Aug feeders is around $109.60. Obviously the market is going to open under $112.10 so look for this area to be resistance today on any rallies. The market has already met the downside objective today, so I don't see the market making new lows unless outside influence takes control again. The market now needs a close back above $113.00 in order to turn back bullish
Support: 111.45 & 110.80 Resistance: 112.10 & 112.55 Long Term Trend: Down below 111.92 Short Term Trend: Down below 113.30 Upper Momentum: 116.05 Lower Momentum: 112.95
CORN: July
July corn acted good, then bad, then good again yesterday. The market is struggling to digest all the conflicting possibilities in the near term. Overnight trade is near 358, so opening or breaking this are early will lead to a break down to 354. Holding above this level will support rally attempts back to 364. Only closing back above 371 will turn the market bullish.
Support: 358, 356, & 352 Resistance: 362, 364 & 368 Long Term Trend: Down below 368 Short Term Trend: Down below 365 Upper Momentum: 375 Lower Momentum: 360
Hogs: June
June hogs bounced yesterday and have sold off on lower cash and product quotes late yesterday afternoon. Like other markets they are currently trading below would be support so near term resistance looks to be at $81.67. Pushing above that level $81.90 would be next. The market needs to see a good close back above $92.22 to take away bear forces this morning. In doing so continuation up to $83.80 would be possible. A failure to move back above $81.67 early will look weak as selling could pick up and drive the market down to $80.15.
Support: 80.87 & 80.15 Resistance: 81.70 & 82.22 Long Term Trend: Down below 82.70 Short Term Trend: Down below 82.70 Upper Momentum: 85.72 Lower Momentum: 82.55
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.
