I take a look at these August cattle here today, May 20. Look at this support that they're attacking with today's breakdown in trade. There’s Fort Morgan voted to strike in Colorado, but they bet on strike. Does that really matter?
But you can see their critical support. The uptrend is being attacked. Your moving average support levels are being attacked. This market needs to recover out of here, or we’re going to be talking about a top.
Yet these big discounts to the cash market, it is bothersome, but you got to just read the tape. The tape says have to hold here at this 242 range. We close underneath that, this market gets in trouble.
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