CL 04 12 (1 Min) 11.17.11

11/17/2011 Monthly Philly FED Manufacturing Index (0500 HI time / 1000 EST)
Forecast: 8.7
Actual:3.6
Previous revision: n/a
SPIKE / RETRACE
Started @ 101.66
1st Peak @ 101.44 – 0501 (1 min)
22 ticks

Reversal to 101.78 – 0502 (2 min) / 102.03 – 0510 (10 min)
34 ticks / 59 ticks

Notes: Report mildly fell short of forecast causing a meager spike, pullback, and greater reversal . The 0401 candle fell steadily 22 ticks up to 22 sec, then hovered at the max negative point 8 sec before rising. That would have been my cue to close out there. Notice the reversal at 0402 hit the 200 and 50 SMAs along with the S1 line – a solid resistance buffer causing it to bounce back. It took another 6-8 min to break through hitting a max high at 0410.