10/17/2012 Monthly Empire State Manufacturing Index (0230 HI time / 0830 EDT)
SPIKE / REVERSE
Started @ 87.56
1st Peak @ 87.29 – 0231 (1 min)
Reverse to 87.54 – 0235 (5 min)
Notes: Report fell short of forecast. Reaction fought through a FIST of all SMAs except 200. In this case, it popped down to just below the PP Pivot support line and quickly receded, yielding a big tail so be quick on the trigger finger to close out when it goes to the vicinity of the PP.