4/4/2012 Monthly ISM Non-Manufacturing PMI (0400 HI time / 1000 EDT)
Previous Revision: n/a
SPIKE / REVERSAL
Started @ 102.92
Peak @ 102.70 – 0402 (2 min)
Reversal to 102.90 – 0404 (4 min)
Notes: Negative report fell short of the forecast. This caused a downward spike of 22 ticks. The spike cut through the 200 SMA near the origin, then the 50 SMA about halfway down, and the 100 SMA at the peak. Then the reversal came back up to the 200 SMA. With JOBB you would have gotten in short at 102.91 since the :00 candle dropped a little at the end. Then it slowly dropped and hovered at the 50 SMA before quickly dropping to the 100 SMA. The safe play would be to exit at about 102.80 with the 50 SMA providing support.