Feed Cattle

Today was all about the reaction to the downward sloping trendline. It met stiff rejection, but closed off it's lows on the close. Today's action saw resistance @ the trendline and 10 day EMA; we saw support @ 50 day EMA, 50% retracement, Weekly S2, and Monthly R1. We did see a close back < Weekly S1. Tomorrow is setting up to be a very interesting day. The 50 day EMA and 50% retracement level have been offering solid support the past 4 days. If we can get a close below the previous swing low of 99.05, then it shouldn't be long before the objective of 97.575 is reached.