The S&P Futures Fakeout: Down at Dawn, Up at Noon, Then a Fade

If you’re a stock trader, you probably sense this. It’s the daily contour of the U.S. market, displayed in a composite chart that averages five-minute price points in S&P 500 futures over the last two months. The picture is of a benchmark that steadily weakens overnight, perks up when American traders hit their desks, then slowly fades into the close.