-061212.jpg "Click to enlarge")
6/12/2012 World Agriculture Supply and Demand Estimates (WASDE) – Corn (0230 HI time / 0830 EDT)
Forecast: n/a
Actual: n/a
SPIKE/REVERSE
Started @ 563.50 – 0229
1st Peak @ 575.00 – 0231 (2 min)
46 ticks
Reversal to 551.50 – 0234 (5 min)
94 ticks
Notes: Report Reaction caused a medium long spike of 46 ticks over 2 min, crossing all 3 SMAs and the PP Pivot, and peaking on the R1 Pivot. Prior to the report, the market had been trending slightly downward, but still in a very tight range as the HOD and LOD were only separated by 27 ticks before the LOD was extended. With JOBB, you would have filled long at 565.50 with 1 tick of slippage, then had an opportunity to exit with at least 25 ticks as it hovered between 571 and 574. It reversed for 94 ticks in the next 3 min, bottoming 21 ticks below the S2 Pivot . After that it bounced up to the 200 SMA, then remained confined between the S1 Pivot and the 200 SMA.