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April live cattle closed down $1.20 at $112.90 yesterday. Prices closed nearer the session low yesterday, hit a fresh two-week low and scored a big and bearish "outside day" down on the daily bar chart. Demand uncertainty amid the Middle East unrest still has the livestock bulls uneasy. The cattle bulls still have the overall near-term technical advantage, but did fade yesterday and need to show fresh power soon. Cattle market bulls' next upside price breakout objective is to push and close prices above solid technical resistance at the February high of $115.60. The next downside technical breakout objective for the bears is pushing prices below solid technical support at the February low of $110.60. First resistance is seen at $113.50 and then at $114.00. First support is seen at yesterday's low of $112.45 and then at $112.00.

Wyckoff's Market Rating: 6.5.

Source: VantagePoint Intermarket Analysis Software

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April feeder cattle closed up $0.15 at $131.77 yesterday. Prices closed nearer the session low yesterday but did hit a fresh contact and all-time high of $133.30 early on yesterday. Bulls have the solid overall technical advantage. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $134.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at last week's low of $129.40. First resistance is seen at $132.00 and then at $132.50. First support is seen at yesterday's low of $131.00 and then at $130.50.

Wyckoff's Market Rating: 8.5

April lean hogs closed down $1.40 at $88.80 yesterday. Prices closed near the session low yesterday, hit a fresh five-week low and closed at a bearish monthly low close. Serious near-term chart damage has been inflicted recently. Price action recently has produced a bearish downside "breakout" from a sideways trading range at higher price levels. The next upside price breakout objective for the bulls is to push and close prices above solid chart resistance at $91.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $87.50. First resistance is seen at $89.00 and then at $89.50. First support is seen at yesterday's low of $88.60 and then at $88.00.

Wyckoff's Market Rating: 5.0