6/21/2012 Monthly Philly FED Manufacturing Index (0400 HI time / 1000 EDT)
Previous revision: n/a
SPIKE WITH 2ND PEAK
Started @ 80.43
1st Peak @ 80.20 – 0401 (1 min)
2nd Peak @ 79.82 – 0405 (5 min)
Reversal to 80.34 – 0413 (13 min)
Notes: Report fell strongly short of the forecast causing a moderate initial 1 candle spike, but a much larger 2nd peak, and follow on reversal . Bearish sentiment was aided by a slightly negative existing home sales report. Market was consolidating prior to the report and the market was below all 3 of the SMAs at the origin. The reversal found resistance at the 80.30 area as that area was tested several times in the next 45 minute and held firm.