7:30 to 10 pm: the restart, the 9:50 pm MOC flow and the closing cross

The NQ afternoon is the course's second window, and its last quarter hour is a lesson of its own.

7 pm to 8 pm: the restart

Flow returns in two steps. 7 pm is the hour of US Treasury auctions (1 pm New York) on the 2, 3, 5, 7, 10, 20 and 30 year maturities, depending on the day. A poorly covered auction moves the 10 year, and the NQ is the index most sensitive to rates (module 4). 8 pm, on FOMC days, is the decision, followed by the press conference at 8:30 pm. Other days, it is simply the hour when desks come back, often with a test of VWAP or an IB edge.