Given the upcoming event risk with non-farm payrolls due out, we could see a binary event in tonight’s trade. The recovery in the S&P has also seen the profits on this trade markedly reduced.
We are now looking to move the stop on this trade to breakeven, at 1,785. This protects the trade from being loss making should the jobs data result in a positive outcome. At the same time, should there be a negative reaction to the data, then we could potential benefit.