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The April Live Cattle contract has fired 2 Day ROC Sell, Wide Range Downside Reversal, Low Range Close, and Momentum Pinball Buy signals for today's trading. The 2 Day ROC Sell signal implies that today's principal trade direction should be to the downside. The Wide Range Downside Reversal signal tells us that yesterday's trading likely marked a significant short term turning point with more downside to follow. The Low Range Close signal tells us that the late day weakness should carry on through to this morning's trading. 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) appear as if a short term cyclical top has just been marked, and the larger trend is to lower prices. Odds favor continued downside in today's early trading. Look for an opportunity to sell the break of yesterday's 129.350 low with a stop just above the 129.925 level of the Daily Pivot. Price weakness below the DP may provide clues for earlier entry.

 

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