How do I judge market risk ON or OFF?

I m a newbie , so I m dazed to judge market risk On or Off. What evidence I refer to ?? thx

correlation analysis is the evidence for risk on or risk off.

(keep in mind that all correlations break, they are not equals one. So it is best for you to judge whether capital is coming to the markets or out)

equity futures in the green means usually equities will be higher= risk on
higher yields on bonds mean capital moving out of treasuries thus making yields go higher. this is risk on

these are the ones I look at but basically a good rule of thumb is that USD appreciation and JPY appreciation usually means risk off.
money out of safe heaven treasuries in the pursuit of Higher yields is risk on

Here is a good start