We have seen some remarkable volatility from the markets heading into a known liquidity drain with the holiday weekend dead ahead. The volatility and breaks that we have seen from the likes of the S&P 500 and NZDUSD will likely struggle for follow through, but can EURUSD at least join in on the aimless tumult?

Risk off was in effect through Thursday trade and there was plenty of blame being foisted on rate forecasts and recession fears. Yet, the volatility is more likely a by-product of the rapidly fading liquidity heading into the holiday weekend. What does that mean for the S&P 500 as it pressures the midpoint of its past three month range?