Prices closed near the session high on short covering after hitting a six-week low early on. The bears have the overall near-term technical advantage.

A nine-week-old downtrend line is in place on the daily bar chart. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $123.00.

The next downside price breakout objective for the bears is pushing prices below solid technical support at the April low of $118.55.

First resistance is seen at $121.00 and then at $121.50. First support is seen at $119.00 and then at today’s low of $118.55. Wyckoff's Market Rating: 4.0