Traders are awaiting the results of this afternoon's monthly USDA cattle-on-feed report. The cattle futures bulls still have the solid overall near-term technical advantage. There are no early technical clues to suggest a market top is close at hand. Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at last week's contract high of $134.70. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the October low of $131.40. First resistance is seen at today's high of $133.75 and then at $134.00. First support is seen at today's low of $132.65 and then at $132.00. Wyckoff's Market Rating: 7.5.

January feeder cattle closed down $1.00 at $163.80 Thursday. Prices closed near the session low, hit a fresh four-week low and closed at a bearish monthly low close today. The feeder bulls have faded badly, to suggest a major market top is in place. The next upside price breakout objective for
the feeder bulls is to push and close prices above solid technical resistance at this week's high of $167.20. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $162.00. First resistance is seen at $164.00 and then at $164.77.
First support is seen at today's low of $163.65 and then at $163.00. Wyckoff's Market Rating: 5.0

December lean hogs closed down $1.22 at $89.17 Thursday. Prices closed near the session low on more profit taking. There was good follow-through selling pressure on Thursday and a bearish "key reversal" down on the daily chart was confirmed. That is an early technical clue that a market top is in place. Traders are awaiting this afternoon's latest USDA cold storage report. The hog market bulls do still have the overall near-term technical advantage. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at the contract high of
$92.30. The next downside price breakout objective for the bears is pushing prices below solid technical support at $87.50. First resistance is seen at $89.72 and then at today's high of $90.15. First support is seen at today's low of $89.10 and then at $88.50. Wyckoff's Market Rating: 6.5