April live cattle closed up $0.10 at $127.50 yesterday. Prices closed near mid-range. The key "outside markets" were in a bearish posture for cattle yesterday, as the U.S. dollar index was firmer and crude oil prices were weaker. Cattle futures bulls still have the overall near- term technical advantage but need to show fresh power soon to keep it after last Friday's bearish weekly low close. There is also now the specter of a bearish double-top reversal pattern forming on the daily bar chart. The bulls' next upside price breakout objective is to push and close prices above solid technical resistance at the contract high of $129.70. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $125.50. First resistance is seen at yesterday's high of $127.90 and then at $128.50. First support is seen at yesterday's low of $127.00 and then at $126.50.

Wyckoff's Market Rating: 6.5

Source: VantagePoint Intermarket Analysis Software

Call now and you will be provided with FREE recent forecasts
that are up to 86% accurate* 800-732-5407
If you would rather have the recent forecasts sent to you, please go here

March feeder cattle closed down $0.32 at $154.12 yesterday. Prices closed near mid-range yesterday and saw more profit taking after prices last week hit a contract high. Feeder bulls still have the solid overall near-term technical advantage. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at the contract high of $155.95. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $153.00. First resistance is seen at yesterday's high of $154.50 and then at $155.00. First support is seen at yesterday's low of $153.55 and then at $153.00.

Wyckoff's Market Rating: 7.0

April lean hogs closed down $0.37 at $88.55 yesterday. Prices closed nearer the session low yesterday. The key "outside markets" were in a bearish posture for hogs yesterday, as the U.S. dollar index was firmer and crude oil prices were weaker. Hog bulls and bears are on a level near-term technical playing field but the bulls are fading. The next upside price breakout objective for the bulls is to push and close prices above solid chart resistance at last week's high of $90.75. The next downside price breakout objective for the bears is pushing prices below solid technical support at $87.50. First resistance is seen at $89.00 and then at yesterday's high of $89.55. First support is seen at yesterday's low of $88.50 and then at $88.00.

Wyckoff's Market Rating: 5.0

Read More at TraderPlanet.com »

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.