Glossary · reference sheet · Markets
Market Sessions
US equity hours, auctions and liquidity rhythm.
Hours (ET)
- Regular9:30–16:00.
- Pre-market4:00–9:30 — thin, wide spreads, gap-prone.
- After-hours16:00–20:00 — thin; earnings land here.
Auctions
- Opening auction9:30 max-volume print — cleanest reference of the day.
- Closing auction16:00 — institutions route size here deliberately.
Liquidity rhythm
- Open surgeOvernight info repriced in 15–30 min.
- Midday lullThinnest liquidity — widest spreads.
- Close surgeSecond burst; day-trader flattening + institutional finish.
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Learn content is for education only — not individualized financial advice, a recommendation, or a solicitation to buy or sell any security. Options involve substantial risk. Examples are simplified and historical patterns never guarantee future results.