Jan 192012
 


CL 04 12 (1 Min) 01.19.12

1/19/2011 Monthly Philly FED Manufacturing Index (0500 HI time / 1000 EST)
Forecast: 10.7
Actual:7.3
Previous revision: n/a
SPIKE WITH 2ND PEAK
Started @ 102.04
1st Peak @ 101.84 – 0501 (1 min)
20 ticks

2nd Peak @101.60 – 0506 (6 min)
44 ticks

Reversal to 101.92 – 0510 (10 min) / 102.12 – 0527 (27 min)
32 ticks / 52 ticks

Notes: Report mildly fell short of forecast causing a small spike, 2nd peak, and follow on reversal . Market was engaged in a downward FAN and reversed to the 50 SMA / R1 line prior to the report, so it was sitting at a level of resistance prior to the report broke. Since it crossed the 50 close to its origin, the retracement on the 0502 candle was minimal, and it hit a 2nd peak more than double the drop of the first.