Cattle Futures Hold Support

Live Cattle

Technicals (October- V)

October live cattle were able to defend some very important levels in yesterday's trade which helped prevent a technical breakdown.  The Bulls need to continue defending our pivot pocket, a failure to do so could trigger long liquidation.  As far as resistance goes, 181.52-182.17 is the pocket that the Bulls want to chew through to encourage a run back at the contract highs.  

Resistance: 181.52-182.17***, 184.35**, 185.75***

Pivot:  179.65-180.175

Support: 176.20-177.25****, 174.80**

Feeder Cattle

Technicals (October - V)

Consolidation continues to be the name of the game for feeder cattle, which 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)

Lean hogs made new lows for the week yesterday but were able to find buyers just above the top end of our 3-star support pocket, 81.50.  That helped prices rebound to close a few ticks above our pivot pocket, 83.55.  On Monday we talked about a pullback being welcomed and healthy for the market.  Now that that's out of the way, the Bulls may be able to keep the ball rolling up hill.  A break below support would neutralize that bias.  First resistance comes in from 85.50-86.40.  A close above there and the Bulls have "clear skies*"

Resistance: 85.50-86.40****, 87.77-88.32***, 89.12-90.00**

Pivot: 83.55

Support: 80.55-81.50***, 78.45**