11/1/2011 Monthly ISM Manufacturing PMI (0400 HI time / 1000 EDT)
Previous revision: n/a
SPIKE / RETRACE
Started @ 91.06
1st Peak @ 90.41 – 0401 (1 min)
Reversal to 90.89 – 0402 (2 min)
Notes: Report fell short of forecast causing a healthy spike, and immediate reversal. The 200 SMA acted like a magnet limiting the spike and the reversal, then preventing any major departure from it in the following 10 minutes. With the 0401 candle crossing the 200 SMA halfway and not able to reach the 100 SMA, I would wait until the 0402 candle until it started to go long and close out at about 90.60, just in case the 0402 candle would fall again.