What is interesting in this example is that this is a common market behavior. In fact, as the chart above shows, the entire stock market rally since the March 2020 lockdown took place outside of market hours. More precisely, futures rallied, but the cash did not.

In other words, if you traded only futures, (i.e., buying the cash close at 04:00 PM New York time and selling the cash open at 09:30 AM New York time), a simple strategy like this would have netted much more than trading the cash only.

Even in trading, reading between the lines reveals incredible information.