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Live Cattle and Feeder Cattle markets closed their respective limits down on Wednesday, further cementing the bearish change in market sentiment. Fundamentals are still bullish, but the charts have turned bearish. Lean Hogs continue to trade both sides of the 200-day moving average and may be due for a profit taking rally. Corn, Soybeans and Soymeal all posted bullish engulfments on their daily charts yesterday. All three are a bit overbought and due for a pullback, but I would advocate for buying on dips in those markets. Wheat closed strong, as well, but all of the Grains are in the red this morning, perhaps a sign of short-term profit taking.
My charts indicate a new trade signal in NASDAQ 100 futures this morning.