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June live cattle closed down $0.32 at $120.92 yesterday. Prices closed near mid-range and saw mild profit-taking pressure after prices Friday hit a contract and all-time high, which was matched early on yesterday. Bulls still have strong upside near-term technical momentum. There are still no early technical clues to suggest a market top is close at hand. Cattle market bulls' next upside price breakout objective is to push prices above solid technical resistance at $122.50. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $118.00. First resistance is seen at yesterday's contract high of $121.50 and then at $122.00. First support is seen at yesterday's low of $120.47 and then at $120.00.

Wyckoff's Market Rating: 9.0

Source: VantagePoint Intermarket Analysis Software

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May feeder cattle closed down $1.02 at $138.37 yesterday. Prices closed near the session low on profit taking pressure after prices Friday hit a contract and all-time high. The bulls still have solid upside near-term technical momentum. There are still no early clues of a market top being close at hand. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $140.00. The next downside price breakout objective for the bears is to push prices below solid technical support at $136.60. First resistance is seen at $139.00 and then at the contract high of $139.65. First support is seen at $138.00 and then at $137.50.

Wyckoff's Market Rating: 8.5

June lean hogs closed up $0.27 at $103.85 yesterday. Prices closed nearer the session high yesterday. Lean hog futures bulls have the strong near-term technical advantage. However, there is strong overhead technical resistance just above the market, at the contract high of $104.15. The next upside price breakout objective for the bulls is to push and close prices above solid chart resistance at $104.15. The next downside price breakout objective for the bears is pushing prices below solid technical support at $102.00. First resistance is seen at $104.15 and then at $104.50. First support is seen at yesterday's low of $102.90 and then at $102.50.

Wyckoff's Market Rating: 8.5