SP500 risk on or risk off after NFP?
The SP500 experience a wild ride on Friday after the release of the NFP report. We saw large volatility with about a 100 point swing on that day only to settle roughly neutral at the close. Going forth into this morning European trading session, we can see that the market still doesnt know what to make of this as volatility thus far has been confine to a tight 30 point intraday range. As of now, watch the intraday ranges at 4510 to the upside and 4480 to the downside. A break of either of these levels should give us a direction bias towards the ranges establish on NFP day at around 4530 to the upside and 4440 to the downside.
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