TL;DRCME's electronic overnight trading platform. Lower volume than RTH but essential for context. Runs from Sunday evening through Friday afternoon.
Globex is CME Group's electronic trading platform enabling trading outside regular hours. For equity index futures, it opens Sunday at 6:00 PM ET and runs nearly continuously until Friday at 5:00 PM ET, with a daily halt from 5:00 PM to 6:00 PM ET.
When traders say 'Globex' or 'overnight,' they typically mean the non-RTH portion (6:00 PM to 9:30 AM ET).
Volume is significantly lower. ES might trade 200,000 contracts overnight vs. 1,500,000+ during RTH. This means wider spreads, choppier price action, and less reliable patterns.
However, major moves happen during Globex. Geopolitical events, overseas economic data, and after-hours earnings all drive overnight action. The Globex high and low are important reference levels for RTH traders.
Most retail traders should focus on RTH and use Globex for context. Lower volume and wider spreads make overnight execution harder.
Some traders target the London open (2-3 AM ET) or European session (3-9:30 AM ET) when volume increases. If you trade Globex, use limit orders and reduce position size.
Overnight context for RTH
Globex: ES trades down to 5,185 (overnight low) and recovers to 5,200 by RTH open.
5,185 is now a significant reference. If RTH holds above it, the overnight sell-off was absorbed. If RTH breaks below, sellers are strong.
European session move
EU CPI data at 5 AM ET comes in hot. ES drops 25 points in 30 minutes.
This happened on thin volume. By RTH open, the move may have reversed or extended. The 5 AM level becomes a key reference.
Ignoring overnight price action before RTH
Always check Globex high, low, and current price vs. prior RTH close before trading.
Using market orders during thin overnight periods
Spreads can be 2-4 ticks. Use limit orders.
Same position size overnight as RTH
Lower liquidity = bigger slippage risk. Reduce size or use micros during Globex.