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July hogs closed up $0.28 at $85.30.

July hogs closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a low might be in or is near. Closes below the reaction low crossing at 80.17 would confirm that a short-term top has been posted. If July extends the rally off April's low, weekly resistance crossing at 88.90 is the next upside target. First resistance is Wednesday's high crossing at 86.40. Second resistance is weekly resistance crossing at 88.90. First support is the reaction low crossing at 80.17. Second support is the 50-day moving average crossing at 78.67.

August cattle closed up $1.00 at 115.28.

August cattle closed higher on Friday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that a short-term top might be in or is near. If August extends this month's decline, the April-24th low crossing at 110.30 is the next downside target. Closes above the 20-day moving average crossing at 120.29 would confirm that a short-term low has been posted. First resistance is June's high crossing at 127.65. Second resistance is weekly resistance crossing at 141.90. First support is the 38% retracement level of the October-June-rally crossing at 113.27. Second support is the April-24th low crossing at 110.30.

August Feeder cattle closed up $1.50 at $144.95.

August Feeder cattle closed higher on Friday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends this month's decline, the 50% retracement level of the 2016-2017-rally crossing at 136.63 is the next downside target. Closes above the 20-day moving average crossing at 150.39 would confirm that a short-term low has been posted. First resistance is June's high crossing at 160.90. Second resistance is May's high crossing at 163.50. First support is the 38% retracement level of the 2016-2017-rally crossing at 143.03. Second support is the reaction low crossing at 139.87.

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