Live Cattle
Technicals (June-M)
June live cattle gapped lower yesterday and didn’t look back, settling at the lowest price level since April 15th. If the Bulls fail to find their footing at support from 172.90-173.425 we could see a retest of the April lows, 170.25. Today will be a big day for the outside markets with the Federal Reserve meeting this afternoon. As usual, expectations are pretty well backed in to leave rates unchanged, but it’s the press conference afterwards that could put volatility in markets. Unfortunately for cattle traders, the market will be closed by then, so you may consider tying up any loose ends before the close.
Resistance: 178.45-178.80*, 179.825-180.75
Pivot: 175.80-176.20
Support: 172.90-173.425* 169.00-170.00*
Feeder Cattle
Technicals (August - Q)
A blind squirrel finds a nut every now again. In yesterday morning’s report we wrote about what a break below 258.00-258.50 could do for the market: “A break and close below this pocket could accelerate the selling pressure. The next downside target for us would come in near 254.025-255.00.”. The low yesterday, 254.425. A break and close below this pocket and things could get even more spicy with the next significant levels coming in sub-250. Support pockets are a little wider than we would like, but that’s what happens when you get with this type of environment, trying to pinpoint a specific point for a market like feeders right now is damn near impossible.
Resistance: 263.325-264.875****
Pivot: 258.00-258.50
Support: 254.025-255.00, 248.30-520.075
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