ZC 12 12 (1 Min) 10.11.12

10/11/2012 World Agriculture Supply and Demand Estimates (WASDE) – Corn (0230 HI time / 0830 EDT)
Forecast: n/a
Actual: n/a
SPIKE WITH 2ND PEAK
Started @ 738.00 – 0229
1st Peak @ 763.25 – 0232 (3 min)
101 ticks

2nd Peak @ 772.50 – 0235 (6 min)
138 ticks

Reversal to 756.25 – 0241 (11 min)
65 ticks

Notes: Report Reaction caused a large long spike of 101 ticks over 3 min, crossing no SMAs, but the R1 – R3 Pivots. It encountered the first resistance at the R3 Pivot, struggling in that area from the end of the :31 bar to the :34 bar. Prior to the report, the market had been trading in a very tight range as the HOD and LOD were only separated by 22 ticks. With JOBB, you would have filled long at 740.00 with 1 tick of slippage, then had an opportunity to exit with about 80 ticks as it eclipsed the R3 Pivot on the :31 bar. It achieved a 2nd peak of 37 more ticks on the :35 bar, then reversed for 65 ticks in the next 6 min, eclipsing the 13 SMA. This is the biggest move yet.