3/5/2012 Monthly ISM Non-Manufacturing PMI (0500 HI time / 1000 EST)
Previous Revision: n/a
SPIKE / REVERSAL
Started @ 106.70
Peak @ 107.05 – 0505 (5 min)
Reversal to 106.07 – 0531 (31 min)
Notes: Positive report exceeded the forecast coupled with a better than expected factory orders report at the same time. This caused a slow rise of 35 ticks over 5 minutes that crossed both the 50 and 100 SMAs, then a very large reversal of 98 ticks over 25 minutes that was not likely due to the report, but larger longterm overbought considerations. With JOBB I would have gotten in at 106.75 and closed at the 100 when it appeared to hit resistance.