The long-term continuous monthly chart for the nearby lean hog futures contract looks similar to many others discussed Tuesday morning. First, from a technical point of view the market still looks to be in a major (long-term) downtrend with the ongoing rally to a February high of $112.85 Wave B (second wave) of the 3-wave pattern. This analysis is based on the bearish key reversal completed during June 2021. However, if we look at the bottom of the initial move, we also see a bullish key reversal completed during December 2021. Market bulls would argue this turned the major trend up. I would still be leaning toward the bearish side because monthly stochastics did not establish a bearish crossover below the oversold level of 20% this past December, leaving the door open to renewed selling. Fundamentally the market remains neutral, adding another level of uncertainty to price direction over time.