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The economic calendar is light today, with unemployment data the most likely report to take center stage.

Jobless Claims data will be released at 8:30 a.m. ET. Consensus calls claims to rise slightly to 415,000, up from the previous week's 414,000. The range of claims is very narrow this time around, and that could mean a chance for a forecast error and a large market reaction.

The most optimistic forecast calls for claims to fall to 400,000. A reading that low or lower would be bullish. At the upper end of the range, a more bearish 425,000 claims is expected. A number that breaks either end of the range is likely to provoke a larger response from traders.

The Chicago Fed National Activity Index will also be released at 8:30 a.m. ET. There is no forecast available for this index, which is a weighted average of several other indicators. Last month's reading was -0.45. A larger negative reading would be bearish, while a positive number would be bullish.

New Homes Sales data comes out at 10 a.m. ET. Consensus calls for unit sales of 0.31 million, down slightly from last month's 0.32 million units. Expectations range from a bearish 0.29 million units to a bullish 0.35 million units.

Source: Labor Claims, Home Sales on Calendar