2/28/2011 Monthly CB Consumer Confidence (0500 HI time / 1000 EST)
Previous revision: +0.4 to 61.5
SPIKE / RETRACE
Started @ 108.48 *spiked prematurely in last :03 of 0500 candle about 14 ticks, but not represented by start level.
1st Peak @ 108.79 – 0501 (1 min)
Reversal to 108.10 – 0516 (16 min)
69 ticks (2x bottom)
Notes: Report strongly exceeded forecast with a small upward previous revision. This caused a spike of 31 ticks not counting the premature upward 14 tick move upward. It spiked up to cross the PP line and quickly pulled back. The default range of the chart would have left this Pivot Point off the screen on the top. This is a good reminder to check for these in the time before the report breaks, and collapse your screen to bring it into the picture in case the reaction approaches. The spike was quick and promptly dropped 8 ticks. If you had a stop limit set there before the spike, it would have filled, but not likely on a manual close. Reversal yielded 69 ticks to briefly dip below the 200 and 50 SMAs.