1/29/2013 Monthly CB Consumer Confidence (1000 EST)
Forecast: 64.8
Actual: 58.6
Previous revision: +1.6 to 66.7
SPIKE/REVERSE SPIKE/REVERSE
Started @ 97.15
1st Peak @ 96.99 – 1001 (1 min)
16 ticks
Reversal to 97.17 – 1003 (3 min)
18 ticks
Notes: Report fell short of the forecast by a decent margin and caused a short reaction of 16 ticks on the :01 bar that crossed the 50 SMA and bottomed on the R1 Pivot. With JOBB you would have filled short at 97.10 with no slippage. Look to close out at the R1 Pivot for about 9-10 ticks. A negative report of this magnitude should have caused a larger bearish reaction, but the R1 Pivot reined it in. This was also demonstrated by a quick reversal on the next bar that returned to the origin. After that it came back down to the level of the 1st peak, then traded sideways between the R1 Pivot and the 50 SMA.