June Live Cattle
In 1836 Mexican troops launched an assault on the Alamo Mission Mexican killing all the Texian defenders much in the same way the shorts overran the longs at the 104.975 level in today’s late trading action. The Market unable to fight off that critical price stumbled to close limit down at 104.625. It must be stated that market came to rest right at cross zone support but to me, in a structural sense , the damage has been done. It is possible that the market attempts a rebound buy I doubt it will have any staying power . An overhead tough spot comes in at +/- 105.700 and I expect any rise that would challenge this level to get turned back. To me, below 104.500 puts the cows in deep water as I do not see any signs of support until 101.5-100.5. This move could play out as a B wave decent or even a more insidious impulsive wave. Only a fortification of 106.300 would take the boot off this market’s neck. Please feel free to contact me at Walsh Trading to discuss my insights and suggested trade strategies in this and other futures markets.