The Cattle Futures (CME) has been in an uptrend for the past 2 days closing above the previous session's high. The broader rally has peaked with the last high established at 16627 back on 04/13 11 days ago. We did elect 1 Bearish Reversal from this high. Clearly, this high was formed after a rally of 16 days. Currently, the market is trading in a neutral position on our indicators but it is trading strongly higher up some 1.03% from the previous session low. Our projected target for closing resistance for the next session stands at 16664, 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. Nevertheless, this session closed below our ideal projection for closing resistance warning that the market which stood at 16732 is forming a high. A break of this session's low of 16492 will warn that we have a potential temporary high in place. Nevertheless, we have elected 1 long-term Bullish Reversal suggesting that the market should now rally from hereat least on a closing basis as long as it holds above 16492 intraday. The wide-ranging long-term resistance remains standing at 15572 demonstrating there remains a broader declining mode in play until this market exceeds that general area. Immediately, we see overhead projected resistance forming at 16683. Immediately, 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. This market is also trading above the bank of eight moving average indicators also suggesting it is still above underlying support at this moment. This market still has not yet exceeded the last key high of 16627 established back on 04/13. Theoretically speaking, the Downtrend Line technical resistance stands above the market at 16610 which must be exceeded and then hold it as support thereafter in order to imply a breakout. Failure to sustain above this technical trend line will warn that the market has only faded this projection. A closing back below it will warn of a retest of underlying support is likely. However, an opening BELOW 16524 in the next session would warn that the high of this session may stand at least temporarily. We did close above the previous session's Projected Resistance indicator on Thu. 27th which was 16509 settling previously at 16520. Our projected breakout resistance is well above the market by 1.10% standing at 16732. However, the Projected Breakout Resistance indicator for the next session will be 16664, which is still above the current closing. Normally, when you open back above this pivot number or closed back above it then the rally may resume. So, watch this number which is dynamic for it changes with each session

During the last session, we did close above the previous session's Intraday Crash Mode support indicator which was 16311 settling at 16520. The current Crash Mode support for this session was 16363 which we closed above at this time. The Intraday Crash indicator for the next session will be 16480. Remember, opening below this number in the next session will warn that the market may enter an abrupt panic sell-off to the downside. Now we have been holding above this indicator in the current trading session, and it resides lower for the next session. If the market opens above this number and holds above it intraday, then we are consolidating. Prevailing above this session's low will be important to indicate the market is in fact holding. However, a break of this session's low of 16492 and a closing below that will warn of a continued decline remains possible.