5/17/2012 Monthly Philly FED Manufacturing Index (0400 HI time / 1000 EDT)
Previous revision: n/a
SPIKE / REVERSE
Started @ 93.59
1st Peak @ 93.15 – 0402 (2 min)
Reversal to 93.81 – 0411 (11 min)
Notes: Report fell strongly short of forecast causing a healthy 44 tick spike that sliced through the 200 SMA and PP Pivot with conviction about halfway on its downward path. SIcne the market had been in a downward trend for 1 hour prior to the report release, it bounced strongly for a 66 tick reversal in only 9 min that crossed all 3 SMAs and the PP Pivot finding its nadir just above the 100 SMA.