LIVE CATTLE:  Apr

Again today the market will have overhead resistance around $94.65-75.  Pushing above this area will attract new buying that eventually moves the market up into the mid $95.00 area.  The range has tightened up with yesterday's narrow trade, so near term support has moved up to $94.30.  Opening above $94.30 the market will target the upper resistance levels, but opening below this area or breaking it throughout the session then the market could pull back to $93.85.  Below $93.85 expect good support to hit in a wide zone from $93.50 down to $93.25. 

Support: 94.30 & 93.80      Resistance: 94.75 & 95.27     Long Term Trend: Up above 92.77      Short Term Trend: Up above 94.02

Upper Momentum:  93.75       Lower Momentum: 92.00

FEEDER CATTLE:   March

March feeders continue to move sideways and should continue to see resistance at the $102.80 area.    Above $102.80 expect $103.20, and if a break occurs the downside objective would be $101.80 and $100.50. 

Support:  102.30 & 101.95      Resistance: 102.55 & 102.80     Long Term Trend: Up above 101.90      Short Term Trend: Down below 103.30

Upper Momentum: 102.55        Lower Momentum: 101.30

CORN:   May

Continued selling was the feature in the corn market yesterday.  The market is nearing in on support at now 365.  Once tested the market could try and correct back up into the mid 370 level, but would need to close back above 380 still in order to negate the bearish reversal.  Below 369 today the market targets 365 which is the lower momentum for today's range.  Closing below 365 the market will move down to 360. 

Support: 369, 365, & 362     Resistance: 371, 374, & 375     Long Term Trend: Down below 379     Short Term Trend: Down below 382

Upper Momentum: 385      Lower Momentum: 375  

Hogs:  Apr

April hogs look to be in a correction phase at this time.  Holding below $73.00 today will keep the market defensive with $72.00 as next support.  If the market breaks $72.00 then look for $71.40 as the next downside target.  Moving back above $73.00 would negate the corrective action and $73.90 would be the upside objective.  Only a close above $74.30 would attract new buying that could move the market up into the $76.00 area over the next few weeks. 

Support: 72.32 & 72.00     Resistance: 72.60 & 73.30     Long Term Trend: Up above 72.97     Short Term Trend: Down below $73.90

Upper Momentum: 73.35       Lower Momentum: 70.97

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

Would you like to know tomorrow's trading targets today?  If you would like to know where support, resistance, value ranges and market collars are projected for the following trading day or more about how we trade please visit www.MarketDayTrading.Com. 

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.