At 213K, initial claims came in slightly below both the prior print and expectations. Futures rose slightly on the news, adding to their overnight meltup.

But, the more important print seems to be that of NVDA, which has again pushed above its Jun 2024 highs.

continued for members…

It’s had an impressive run, but NVDA is also nearing its 1.272 Fib extension to complete a butterfly pattern just as it also nears the top of its rising wedge. Bottom line: be cautious as it approaches 154.38.