Feeder Cattle (November)
November feeder cattle made new highs for the move which took prices into our 4-star resistance pocket from 249.85-250.80. That pocket was defended which keeps it intact for today’s session. I the Bulls can chew through this pocket we could see a push towards 253.075-253.90. This was previously support from June up to the breakdown points on August 1st. The RSI (relative strength index) remains in overbought territory with a reading of 70.33. If the market does try to catch its breath here, a pullback to 245.90–246.50 would be the first line in the sand for support below the market.

• Resistance: 249.85-250.80*, 253.075-253.90
• Pivot: 245.90-246.50
• Support: 242.75-243.45, 239.62-240.15

Lean Hogs (December)
December lean hogs made new highs for the move in yesterday’s trade. First resistance remains intact at 77.72. If the Bulls can clear this hurdle, it could open the door for another leg higher with new contract highs at arm’s length. With that said, the RSI is near the most overbought since the spring, so a consolidation period or even a retracement would likely be viewed as healthy for the market. 75.25-76.00 is the pocket the Bulls would want to defend on a pullback to prevent a further decline in prices.

• Resistance: 77.72, 78.70-78.97*
• Pivot: 75.25-76.00
• Support: 73.85-74.07, 72.00-72.85*,

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