LIVE CATTLE:  Dec

Yesterday's action consisted of mostly lack of selling in the front months.  An open and hold above $83.57 this morning will keep the market supported with bounces most likely running into resistance early at $84.15.  A daily close above $84.15 could open the door for a larger correction next week back up to $85.00.  Down side today if the market breaks back below $83.47 an accelerated dip to $83.02 can be expected.  Only a close below $83.02 should be considered bearish to start next week. 

Support: 83.47 & 83.02     Resistance: 84.15 & 84.80      Long Term Trend: Down below $84.05     Short Term Trend: Up above $83.20

FEEDER CATTLE:   Jan

It was a quiet session in the feeder complex yesterday.  The market is struggling to move very far from $92.00 in the near term.  Below $92.00 the market will continue to see pressure and will attract secondary selling on a break of $91.72.  Below $91.72 the next support is $91.20.  Pushing or opening above $92.00 allows $92.30, in which a close above this area would signal a larger correction is likely that would reach up to $93.50. 

Support:  91.72 & 91.20     Resistance:  92.30 & 92.72      Long Term Trend: Down below 93.50     Short Term Trend: Down below 92.72

CORN:   Mar

The corn markets action yesterday was different then the past sessions.  The market was unable on rally attempts to push through overhead resistance, resulting in lower trade again in the overnight session.  Early resistance will be 408 again today, and again a push above this will allow 413.  Only a reversing close above 413 would be considered a return to bullish trade.  Opening below 408 this morning keeps pressure on the market with the next support area at 402, and below that the market reaches longer term support at 393. 

Support: 406, 403, & 402     Resistance: 408, 411, & 413      Long Term Trend: Up above 410      Short Term Trend: Up above 408

Hogs:  Feb

Feb hogs traded lower before gaining strength late in the session.  The overnight trade has the market close to $.50 higher and above the value range high for the day at $63.40.  A pit open above this value and the market will be set to have an up trading day with rallies reaching up to $64.50.  If trades falls back below $63.40 then look for follow through selling down to $63.07.  Only a close back below $63.07 would be considered bearish again with a break expected back to $61.77

Support: 63.40 & 63.07      Resistance: 63.90 & 64.50      Long Term Trend: Up above 63.50     Short Term Trend: Up above 63.50

Brock Thompson Trading, 2525 Lakeview Dr. Amarillo, TX 79109, brock@brockthompsontrading.com (806)-350-2400

Make note that intra-day support and resistance prices change throughout the day, so if you have any questions during market hours please give me a call for an update.    

These forecasts are solely the opinion of the author and make no representation as to how the market will actually trade.  There is substantial risk of loss in trading futures and options; therefore you should carefully consider whether trading is appropriate for you in the light of your financial situation.