After five days of going up, Live Cattle is down 47.5 cents today

Live Cattle is down to $164.9 per pound, after ending Friday at $165.38. Overall, a 0.29% loss or 47.5 cents today.

New United States Pending Home Sales improved upon the previous 1.1% figure while also exceeding analyst expectations with a reading of 8.1%.

On the flip side, data for United States Pending Home Sales published today at 15:00 UTC came out at 8.1%, beating projections of 1% and showing improvement over the preceding figure of 1.1%. United States Core Durable Goods Orders came out at 0.7%, better than analyst estimates of 0.1% and improving upon the previous reading of -0.4%.

While price action maintains a negative bias, following a previous reading of 5.1%, Core Durable Goods Orders in United States released today at 13:30 UTC fell short of the -4% figure expected by analysts with an actual reading of -4.5%.

Live Cattle's upper Bollinger Band® is at $168.15 which indicates a further downward move may follow.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts CME Live Cattle to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the CME Live Cattle is expected to attract significant bearish sentiment in the coming days.

Though the Livestock future has been dropping, other Meats have been performing better: having closed the previous session at $189.07, Feeder Cattle is up 2.66% today to currently trade at around $194.1.

Some optimism can drawn from the fact that United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.

The commodity has been trending positively for about 8 months. The Livestock future has gained 5.4% since its lowest print of $130.6 earlier this year.