Short Covering After Higher Weekly Unemployment Claims

ES-- Maybe we have a horserace now!  Weekly Unemployment Claims INCREASED meaningfully from 190,000 to 211,000 (195,000 expected)-- the direction of Claims the Fed wants to see, which has triggered some short covering in ES from 3982 to 3998, and in so doing, has preserved the near term low-zone at 3972 to 3979, and has flipped the onus to the bears to defend resistance from 4000 to 4007...

Maybe, just maybe, tomorrow's Nonfarm Payrolls will come in a bit weaker than expected. Hope springs eternal from the Weekly Claims data... last in ES is 3998.25

FinancialJuice