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The weekly Initial Jobless Claims reading has done a pretty good job mirroring the movement in the US stock market since the bull market began in 2009.

Below is a chart of the S&P 500 versus the inverse of the Initial Jobless Claims (seasonally adjusted) reading since March 2009. With the inverse of the claims reading making a new bull market high this week, will the S&P 500 now follow?

(click to enlarge)