2/2/2012 FED Testimony (0500 HI time / 1000 EST)
SPIKE / RETRACE
Started @ 97.03
1st Peak @ 97.25 – 0502 (2 min)
Reverse to 97.00 – 0506 (6 min)
Notes: FED Chair Bernanke Testifies before House Budget Committee on economic outlook and federal budget situation. Caused a moderate spike, and slightly larger reversal. The spike had to cross the 100 and 200 SMAs and peaked at at a double top from 0430, causing it to retreat from its peak. After the spike and reversal, the market was stuck straddling the 200 SMA seesawing up and down until 0529 when it broke out of the channel to drop to 96.86. Due to the double top at 97.25, and the retreat from hitting that value, I would consider getting out there.