4/19/2011 Monthly Philly FED Manufacturing Index (0400 HI time / 1000 EDT)
Previous revision: n/a
SPIKE WITH 2ND PEAK
Started @ 103.00
1st Peak @ 102.51 – 0406 (6 min)
2nd Peak @ 102.47 – 0410 (10 min)
Reversal to 102.89 – 0425 (25 min)
Notes: Report fell mildly short of forecast causing a healthy 6 candle spike, a small 2nd peak, and follow on reversal . Bearish sentiment was aided by a strongly negative existing home sales report. Market was consolidating prior to the report and the market was below all the SMAs except for the 100 SMA near the origin. After crossing that no level of support had to be crossed. This aided the steady short fall without reversing for several minutes. With the long tails at the 102.50 level, this is a good reversal entry point. Reversal yielded 42 ticks in 15 min just crossing the 50 SMA before pulling back.