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Initial jobless claims fell to their lowest point in three years last week, prompting a modest rally for stocks on Wall Street, indicating a sign of strength for the economy.

The market may attempt a technical rebound after failing to break down with momentum yesterday. Economic data releases will highlight the morning, with China and Europe on tap.

For stock traders, looking for key signals to enter a position during a momentum breakout is crucial, especially when price action starts to escape consolidation ranges and take out new highs.