5/1/2012 Monthly ISM Manufacturing PMI (0400 HI time / 1000 EDT)
Previous revision: n/a
SPIKE / RETRACE
Started @ 104.81
1st Peak @ 105.24 – 0401 (1 min)
Reversal to 104.83 – 0408 (8 min)
Notes: Report moderately exceeded the forecast causing a 43 tick spike that did not have to cross any SMAs or Pivots to peak at 105.24 where it ran out of gas with no obvious point of resistance. Then the reversal gave it all back in 7 minutes to almost reach the 50 SMA. After the reversal, it rebounded upward and eventually developed into a strong upward FAN. While the ISM report was the catalyst, the strong reversal after the initial spike and the lack of a reversal in the area after the FAN indicate that it is not due to the influence of the ISM report.