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February hogs closed up $0.23 at $65.42.

February hogs closed higher on Thursday as it extends the trading range of the past four-weeks. The mid-range close sets the stage for a steady opening when Friday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the reaction low crossing at 62.15 are needed to confirm that a short-term top has been posted. If February resumes the rally off October's low, the 87% retracement of the June-October-decline crossing at 67.18 is the next upside target. First resistance is January's high crossing at 66.90. Second resistance is the 87% retracement of the June-October-decline crossing at 67.18. First support is the reaction low crossing at 62.55. Second support is the reaction low crossing at 62.15.

February cattle closed up $0.75 at 121.03.

February cattle closed higher on Thursday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher 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 February extends the rally off October's low, March's high crossing at 122.75 is the next upside target. Closes below January's low crossing at 113.97 would confirm that a short-term top has been posted. First resistance is today's high crossing at 121.45. Second resistance is March's high crossing at 122.75. First support is January's low crossing at 113.97. Second support is the 50-day moving average crossing at 112.81.

March Feeder cattle closed up $0.60 at $130.15.

March Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the reaction high crossing at 133.00 is the next upside target. Closes below the 50-day moving average crossing at 123.77 would confirm that a short-term top has been posted. First resistance is last Wednesday's high crossing at 130.95. Second resistance is the reaction high crossing at 133.00. First support is the 50-day moving average crossing at 123.77. Second support is January's low crossing at 122.92.

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