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LIVESTOCK

August hogs closed down $1.37 at $123.20.

August hogs gapped down and closed lower on Thursday as it extends this month's decline. Today's mid-range close sets the stage for a steady to lower opening when Friday's night 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 the decline off June's high, the 25% retracement level of the 2013-2014-rally crossing at 121.45 is the next downside target. Closes above the 20-day moving average crossing at 128.98 would confirm that a short-term low has been posted. First resistance is today's gap crossing at 124.57. Second resistance is the 20-day moving average crossing at 128.98. First support is today's low crossing at 122.10. Second support is the 25% retracement level of the 2013-2014-rally crossing at 121.45.

August cattle closed up $0.50 at 156.55.

August cattle closed higher on Thursday as it extends the rally off this month's low. The mid-range close sets the stage for a steady opening when Friday's 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 August extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 10-day moving average crossing at 151.69 would confirm that a short-term top has been posted. First resistance is today's high crossing at 157.70. Second resistance is unknown. First support is the 10-day moving average crossing at 151.69. Second support is the reaction low crossing at 146.80.

August feeder cattle closed up $0.07 at $217.32.

August Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this week's rally, this month's high crossing at 219.25 is the next upside target. If August renews the decline off July's high, the reaction low crossing at 204.85 is the next downside target. First resistance is Wednesday's high crossing at 218.37. Second resistance is July's high crossing at 219.25. First support is the reaction low crossing at 207.90. Second support is the reaction low crossing at 204.85.

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