The Pattern Trapper Market Update Blog
Tagged in: Livestock, Feeder Cattle
The Pattern Trapper Market Update Blog is a companion piece to the FREE! Daily Pattern Signals Report.
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The May Feeder Cattle contract has fired 90-10 Low Continuation and Momentum Pinball Buy signals for today's trading. The 90-10 Low Continuation signal is fired when the day's trading closes within the bottom 10% of the day's range. It tells us that yesterday's late day move lower is likely to continue on into today. The Momentum Pinball Buy signal suggests that IF the first hour's high happens to be broken, the market is telling us something completely different than originally assessed, and we'd want to consider a long position. Cycle Indicators (chart at right) are moving into a region where short term cyclical lows often form, but both the larger and the more immediate trends are to lower prices. Odds favor further downside in early morning trade. Sell the break of yesterday's 147.850 low with a stop just above the 149.025 level of the Daily Pivot. Price weakness below the DP may provide clues for earlier entry. The Momentum Pinball Buy signal tells us to change our bias to the upside on a break of the first hour high.
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