Livestock Roundup

Live Cattle (December)

December live cattle got taken to the woodshed yesterday, testing the new limits set by the CME, 4.00. The sell-off in futures triggered a drop in cash, with reports of 106 in Texas, we are crossing our fingers that this is the low for the week, but today’s price action will likely be the determining factor in that. The breakout point from July 2nd coupled with the 50% retracement from the contract highs to contract lows, will act as our significant pivot pocket for the remainder of the week. The Bulls MUST defend this pocket.....Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias, and proprietary levels emailed each morning.