Thursday April 30th, 2020by Mike Paulenoff ES (S&P 500 E-mini futures)-- This AM's reaction to the Weekly Jobless Claims figures was slightly less ebullient than one week ago, when the stock indices rocketed to the upside despite 4.4 million additions to the Unemployment Claims register. Today, we learned that 3.8 million more people applied for UI, which IS less than last week, but with ES trading 6% above week-ago levels, and 36% above the lows from just 5 weeks ago, well, just maybe Mr. Market realized that the stock indices are a little too excited about a "V-shaped" economic rebound. My attached 15 Minute Chart shows that ES weakness that started prior to the Jobless Claims report, but accelerated to the downside in reaction to it, sliced beneath key nearest support at 2939-2935, which triggered weakness that violated the week-long up trendline in the vicinity of 2919/20. The breach of the trendline triggered downside follow-through to 2901.50 so far, in a developing near term pattern that points lower, into a test of more consequential support from 2880 to 2850. Any forthcoming recovery strength will hit resistance at 2920 to 2940, which should put a lid on upside price action for the majority of today's session-- as we head into post close earnings for AAPL and AMZN... Last in ES is 2910/11 $DIA $SPY $QQQMike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking.Sign up for a Free 15-day Trial! * I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com * Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page.