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Live Cattle

Technicals (October- V) October live cattle are flirting with pretty significant support from 178.62-179.10.  A failure to defend this pocket could be enough to spark a bigger wave of long liquidation.  That doesn't necessarily mean the top is in or that we are going back to 160.  The first support pocket below that one comes in from 176.20-177.25.  On the resistance side of things, the Bulls want to see a close back above 181.52-182.17 to have a host at retesting the contract highs.  Resistance: 181.52-182.17***, 184.35**, 185.75*** Pivot:  178.62-179.10 Support: 176.20-177.25****, 174.80**

 

Feeder Cattle

Technicals (October - V) Not a lot of new news to report here as the market remains very rangebound.  It feels like it's building up energy for a bigger directional move.  Which way it goes is still TBD, but the risk is fairly well defined for both the Bulls and the Bears.  With Funds already holding a historically large net long position, it would make sense that the higher velocity move would come on a breakdown.   Resistance: 252.60-253.00***, 254.20**, 256.00** Support: 247.40-247.75***, 246.025**, 243.75***

 

Lean Hogs Technicals (October - V) Choppy trade has been the theme over the last two sessions as the market continues to gather itself after such an impressive rally off the May lows.  Rangebound consolidation seems like the likely trade here in the near term, call it 81 on the support side and 85 on the resistance side.  Buy low, sell high.  The risk is fairly well defined in our opinion, a breakout above or below of those levels would be the "tap out" point.   Resistance: 85.50-86.40****, 87.77-88.32***, 89.12-90.00** Pivot: 83.55 Support: 80.55-81.50***, 78.45**

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Livestock Live Cattle

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