Jun 012011
6/1/2011 Monthly ISM Manufacturing PMI (0400 HI time / 1000 EDT)
Forecast: 58.1
Actual:53.5
Previous revision: n/a
SPIKE WITH 2ND PEAK
Started @ 103.80
1st Peak @ 103.46 – 0402 (2 min)
34 ticks
2nd Peak @ 103.14 – 0415 (15 min)
66 ticks (2x bottom)
Reversal to 103.76 – 0424 (24 min)
62 ticks
Notes: Report strongly fell short of forecast causing a healthy down spike, 2nd peak, and follow on reversal . Market was engaged in a downward FAN prior to the report so the momentum was aided by the negative report. The first peak hit the S1 line, then after retracement, the market was able to fall to a double bottom at 103.14 at 0414. With the three candles in that area having long tails, that is the departure point.