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April hogs closed higher on Wednesday. The mid-range close sets the stage for a steady opening when Thursday'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 April extends the decline off January's high, the 87% retracement level of the August-January-rally crossing at 66.60 is the next downside target. Closes above the 20-day moving average crossing at 71.41 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 71.41. Second resistance is the 50-day moving average crossing at 73.21. First support is the 75% retracement level of the August-January-rally crossing at 68.07. Second support is the 87% retracement level of the August-January-rally crossing at 66.60.

April cattle closed down $1.50 at 126.23.

April cattle closed lower on Wednesday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, November's high crossing at 130.10 is the next upside target. Multiple closes below reaction low crossing at 122.80 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 127.95. Second resistance is November's high crossing at 130.10. First support is the reaction low crossing at 122.80. Second support is January's low crossing at 118.05.

March Feeder cattle closed down $3.15 at $146.65.

March Feeder cattle closed sharply lower on Wednesday and below the 20-day moving average crossing at 147.80 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, February's low crossing at 144.20 is the next downside target. If March renews the rally off February's low, February's high crossing at 151.95 is the next upside target. First resistance is February's high crossing at 151.95. Second resistance is the reaction high crossing at 154.05. First support is February's low crossing at 144.20. Second support is the reaction low crossing at 142.42.

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