Oops, Cattle Did It Again
Presented by Heartland Investor Capital Management Inc. CTA
Live Cattle:
Outside day down and outside week down signals potential top.
Monday gap up on Mexican news quickly reversed, ending in capitulation.
Possible causes: insider news leaks, weak consumer demand per Walmart comments.
Closed above 10-day moving average; break below confirms bearish shift.
Fibonacci targets: 212 (25% retracement), 209 (38%).
Feeder Cattle:
Outside day down and gap filled—signaling exhaustion, not a bullish continuation.
Closed below gap, suggesting downside momentum.
Wave structure hints at a completed 5-wave move or nearing end of wave 5.
Retracement targets: 298 and 291 for initial pullback zones.
Market behavior suggests a structural shift, not random volatility.
Wheat:
Kansas wheat bounced precisely at $5—old resistance becomes support.
Disease pressure confirmed by wheat tour, boosting sentiment.
Global issues: China drought and Russian wheat problems add support.
Chicago wheat reclaimed support near 5060; potential new trend developing.
Still needs consistent closes above moving averages for confirmation.
Provided by:
Eugene Graner,
Heartland Investor Capitol Management, Inc., CTA
(A separate entity from Heartland Investor Services)
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