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The August Lean Hogs contract has fired 2 Day ROC Buy and 90-10 High Continuation & Reversal signals for today's trading. The 2 Day ROC Buy signal implies that today's principal trade direction should be to the upside. The 90-10 High Continuation & Reversal signal tells us to look for morning follow through on yesterday's strong close, but to expect a likely reversal once the initial move has topped. Cycle Indicators (chart at right) have moved into a region where short term cyclical tops often form, but both the larger and more immediate trends are to higher prices. Odds favor continued upside in today's early trading. Look for an opportunity to buy the break of yesterday's 93.950 high, or even earlier if price demonstrates strength above the 93.550 level of the Daily Pivot. But stand prepared to exit or even reverse if we get appropriate price reversal patterns and/or Oscillator Divergence near important resistance levels. Our Normal High Range Projection level of 94.475 or the Extended High Range Projection level of 94.925 would be likely areas for such a reversal to take place. To learn how to trade these setups every day Click Here!
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