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6/5/2012 Quarterly Advance GDP (1530 HI time / 2130 EDT)
Forecast: 0.5%
Actual: 1.3%
Previous Revision: +0.2% to 0.6%
UPWARD FAN
Started @ 0.9765
1st Peak@ 0.9820 – 1531 (1 min)
55 ticks
Final Peak @ 0.9851 – 1734 (124 min)
86 ticks (2x top)
Reversal to 0.9816 – 1955 (265 min)
35 ticks (multiple bottom)
Notes: Report was very strongly positive coupled with a decent previous upward revision. This caused a large spike of 55 ticks, with a follow on 2nd peak about 20 ticks higher 25 min after the report, a final peak of 86 ticks (31 higher) about 2 hrs after the report, and then a reversal of 35 ticks almost 4.5 hrs after the report.. The initial spike crossed only the 50 SMA and the R3 Pivot. The market used the 50 and 100 SMAs mostly as support until about 3 hrs after the report when the reversal took hold. Then it crossed all three SMAs to find strong support 2 ticks above the R3 Pivot. As this was a very strong report, the market rallied over a long period of time and the bears were relegated to the sidelines until 3 hrs after the report.