$SPY rescued by First-time Jobless Claims. SPY was falling in premarket, but bounced back with this morning’s announcement that First-time jobless claims fell to 348,000 last week (the fewest since March 2008). Let’s see if this bounce is real and if SPY can push higher. This morning’s price action hit the lower rail of the RTC and found support. If we get one more push higher toward the Feb 9th highs and then a turn down from there we may have somewhat of a H&S pattern forming on this hourly chart (see chart below). The anti-QE3 remarks by the Dallas Fed seemed to be fueling the downside (before the jobless announcement). The Intermediate trend is still upward until our indicators tell us different – but they are getting close to Neutral and Negative isn’t too far from Neutral.