When the monthly Employment Situation Report delivers positive news, equities tend to keep moving higher in the aftermath. The chart below shows the S&P 500’s average intraday performance for the 21 days since 2009 when the S&P 500 gapped up at least 50 bps at the open on NFP days, as it did today. As shown, the morning usually sees a lot of back and forth after the initial gap up, but then we see a major ramp higher from noon to 1 PM ET. From 1 PM to 3:30 PM, the S&P tends to trend lower, and then we see a final batch of buying in the final 30 minutes of trading. Sign up for Bespoke’s “2020” special and get our upcoming Bespoke Report 2020 Market Outlook and Investor Toolkit.