8/28/2012 Monthly CB Consumer Confidence (0400 HI time / 1000 EDT)
Previous revision: -0.5 to 65.4
Started @ 95.69
1st Peak @ 95.43 – 0402 (3 min)
Reversal to 96.11 – 0413 (13 min)
Notes: Report fell strongly short of the forecast with a small downward revision to the previous report. This caused a choppy short spike over 3 minutes that fought through the PP Pivot to bottom out at 95.43. The market had sold off about 80 ticks in the previous 30 min, so all the major SMAs were above the market. The short term oversold sentiment and the strong support at and below the PP Pivot prevented the market from dropping any further. With JOBB you would have filled short at about 95.62, then had an opportunity to close at about 95.50 with at least 10-12 ticks. Then the reversal rebounded for 68 ticks in 11 minutes, fighting through all 3 major SMAs with ease. It finally hit resistance at the 200 SMA, unable to go above 96.11 in 3 bars on the first attempt.