Short Term Trading Member Forum

[techcharter]

Initial Jobless Claims Trend

At this point technical charting tools indicate an trend reversal of initial jobless claims to the upside.

1.) The number of claims broke the neckline of an inverted head and shoulders formed over the last 3 months.

2.) The resistance trendline from April '03 to June '04 highs has been broken, followed by a failed test as support

3.) Higher highs and higher lows have occurred the last 2 months.

4.) Fibonacci ratios show the low made this year has retraced 78% of the 2000 tech bubble pop.

The only wildcard is the Elliott wave count which indicates there is a remote possibility of another small surge in hiring.


http://www.bullandbearwise.com/InitialJoblessChart.asp