Jobless Claims Thursday

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Econoday:

“By tracking the number of jobless claims, investors can gain a sense of how tight, or how loose, the job market is. If wage inflation threatens, it’s a good bet that interest rates will rise, bond and stock prices will fall, and the only investors in a good mood will be the ones who tracked jobless claims and adjusted their portfolios to anticipate these events.”

The broad market equity futures are rising into the number at 5:30AM PST. The release of the number may prove to coincide with the channel top of 912 in the RUT and 1514 or so in the SPX.  One can be sure the advancing bull army will be met by stubborn resistance at those points. The bears have their backs against the wall, and a breakthrough could take the market quite higher, say 920-930 in the RUT. Of course, should the bears suddenly achieve an implausible break through and push back of their own, the market could go to 880-890.

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