The market sold off sharply today following a bearish quarterly hogs and pigs report on Friday afternoon.

The bulls are fading again and good follow-through selling pressure on Tuesday would suggest a market top is in place.

This market remains dangerous for both the bulls and bears. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at Friday’s high of $130.60.

The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $123.20. First resistance is seen at $128.00 and then at $129.00.

First support is seen at today’s low of $126.57 and then at $126.00. Wyckoff's Market Rating: 6.5