2/20/2014 Monthly Philly FED Manufacturing Index (1000 EST)
Forecast: 9.2
Actual: -6.3
Previous revision: n/a
SPIKE / REVERSE
Started @ 132’30
1st Peak @ 133’07 – 1001 (1 min)
9 ticks
Reversal to 132’29 – 1005 (5 min)
10 ticks
Extended Reversal to 132’15 – 1043 (43 min)
24 ticks
Notes: Report fell well short of the forecast with a delta of 15.5 pts, causing a long spike on the ZB that started in between the 100 and 200 SMAs, crossed the 200 SMA and nearly reached the PP Pivot before retreating. With JOBB, your order would have filled long at about 133’00 with no slippage then immediately shot up to the PP Pivot and hovered. As it hovered for about 18 sec between 133’04 and 133’07, it would have given ample opportunity to exit with 4-6 ticks. Unfortunately the move was not sustained and retreated on the back end of the :01 bar. It reversed for 10 ticks in 4 min, pulled back briefly to hit the 200 SMA, then fell further for another 14 ticks in the next 38 min, crossing the S1 Pivot.