BREAKING: Jobless claims confirm gloomy picture

Initial claims met expectations at 1.54 million last week but continuing claims barely improved (from 21.3 to 20.9 million) and were clearly above expectations (20 million). The report offers no sunshine that was saw last week from the NFP and could suggest the monthly reading was an outlier. US producer prices slid less than expected (-0.8% y/y vs consensus -1.2%) but the core PPI was a bit weaker. Overall the data does not offer a reason for sentiment change and investors will need to look elsewhere.

Continuing jobless claims remain very high. Source: Macrobond

So far US500 has sees a lot of pressure and this could be the worst day in weeks. Will that change during the US session?

US500 is still a long way from the nearest support at 2960 points. Source: xStation5