The Cattle Futures (CME) has been in an uptrend for the past 5 days closing
above the previous session's high. The broader rally has unfolded over the
past 28 days. Currently, the market is trading in a neutral position on our
indicators but it is trading strongly higher up some 1.41% from the previous
session low. Our projected target for closing resistance for the next session
stands at 17431, we need to close above that target to imply a further
advance. Failure to even exceed this intraday warns that the upward
momentum is starting to decline. Moreover, a lower opening and a
penetration of today's low of 17135 with a closing beneath this level would
suggest today's high will stand temporarily.

Our Stochastics are all pointing upward while our internal momentum models
are in a bullish posture.

This market has been making only lower highs reflecting a broader declining
trend. The last reaction high of 18812 remains the critical point that must be
exceeded intraday to raise the potential of a reversal in this downtrend. The
Downtrend Line actually stands at 17703. As of now, we see overhead
projected resistance forming at 17575.

Bear in mind that we have made a new high this week changing the Weekly
Bearish Reversals once this week is concluded. Still, this is only a minor
Bearish Reversal since we made a lower high. However, we have also made a
new monthly high exceeding the previous month's high reaching 17347 which
also means the immediate Monthly Bearish Reversals will change once this
month is concluded.

As of now, the market remains bullish on the short-term levels of our
indicators while the long-term trend and cyclical strength are bullish. At this
instant, the market remains within our trading envelope in a bullish position.