Applying technical analysis to economic charts is what makes the Chartist Friend from Pittsburgh unique among market watchers. Most so called technical analysts can barely analyze a stock chart, let alone a FRED chart. CFP can do both, and the initial inspiration to apply TA to economic charts came from studying the unemployment rate so I'll always have a special focus on that one.
Listen, the UNRATE is going much higher and there's not a goddamned thing the Fed or the administration can do about it short of shutting down all trade with China and onshoring all the jobs shipped overseas over the last thirty years. The national rate may appear to have stabilized at 8%, but if you look at the situation on a state by state basis you'll instantly see there is nothing stable about the jobs picture.
And when TA is applied to the charts it makes you wish you could buy UNRATE futures to capture huge profits on joblessness ahead of the numbers blasting higher which they most certainly will.
Charts are like CAPTCHA's - computers can't perform pattern recognition (yet) so for now my job is safe.
Enjoy the charts and being unemployed...