Watch us on RFD-TV, today at 11:15 AM CT! Live Cattle (August) August live cattle broke lower early in yesterday’s session, largely due to a risk-off environment in the broader markets. Live cattle retreated to the low end of our 4-star support pocket, we have had that defined as 119.30, this was tested and held (after breaking another .10 below). Once the panic in other markets settled, live cattle were able to recover back near unchanged and back above the 100-day moving average. Outside markets are firm in the overnight/early morning trade which may offer some support to cattle futures when the floor opens. Resistance: 121.575-121.95***, 124.45-124.60**, 125.05-125.775*** Pivot: 120.60-120.95*** Support: 118.85-119.20****, 117.05-117.40** Feeder Cattle (August) August feeder cattle made a roundtrip after testing and holding the 100-day moving average yesterday, which came in at 154.25, which we noted as a key area to watch in yesterday’s report. Not only did our support pocket from 153.70-154.25 hold, but it provided a springboard for prices that erased all of Friday’s losses and then some. With grains in positive territory this morning, it may provide a headwind to the market and mute some of the follow-through we may have otherwise seen. Despite yesterday’s volatility, all of our support and resistance levels remain unchanged for today’s session. Resistance: 159.50-160.15***, 162.40** Pivot: 156.00-156.50 Support: 153.70-154.25**, 151.225-151.90*** Lean Hogs (August) August lean hogs were able to defend the 100-day moving average in yesterday’s session, which keeps the ball in the Bulls court. A break and close back below 103.225-104.15 would neutralize our optimism. If the Bulls can defend that pocket, we could see a continued extension towards the gap from June 17th, 110.425-111.70. Resistance: 105.60**, 110.425-111.70**** Support: 103.225-104.15***, 100.275**, 98.10***
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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.