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February hogs closed down $1.40 at $69.40.
February hogs closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the November 24th gap crossing at $71.58 would signal that a short-term low has been posted. If February renews the decline off November's high, the October low on the weekly continuation chart crossing at $65.40 is the next downside target. First resistance is the November 24th gap crossing at $71.58. Second resistance is the 50-day moving average crossing at $73.70. First support is November's low crossing at $65.80. Second support is the October low on the weekly continuation chart crossing at $65.40.
February cattle closed up $1.55 at $168.63.
February cattle posted an inside day with a higher close on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off September's high, the 87% retracement level of the 2022-2023 rally crossing at $165.46 is the next downside target. Closes above the 20-day moving average crossing at $174.04 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $174.04. Second resistance is the November 15th high crossing at $179.05. First support is the 87% retracement level of the 2022-2023 rally crossing at $165.46. Second support is the September-2022 low crossing at $160.83.
January Feeder cattle closed up $3.78 at $214.30.
January Feeder cattle closed higher on Tuesday as it consolidated some off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off September's high, the May-2023 low on the weekly continuation chart crossing at $202.18 is the next downside target. Closes above the 20-day moving average crossing at $223.95 would signal that a low has been posted. First resistance is the 20-day moving average crossing at $223.95. Second resistance is the November 20th high crossing at $232.20. First support is Monday's low crossing at $206.15. Second support is the May-2023 low on the weekly continuation chart crossing at $202.18.