U.S. Initial Jobless Claims

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Fewer Americans than forecast filed first-time claims for unemployment insurance payments last week. Applications for jobless benefits decreased by 26,000 in the week ended July 7 to 350,000, the fewest since March 2008, Labor Department figures showed today. Even though the sharp drop is reflecting the volatility of applications during the annual auto-plant retooling period, it is positive and shows one more time the significance of the 1 year average. 52 week moving average was the important resistance and jobless claims reversed downwards after testing the long-term average in June. Downtrend in jobless claims continues and this is good news. Going forward we should keep a close eye on the 1 year moving average as strong resistance (385K).

Earlier updates:

http://techcharts.wordpress.com/2012/06/14/u-s-initial-jobless-claims-2/

http://techcharts.wordpress.com/2012/06/08/u-s-initial-jobless-claims/