When US stock index futures getting less reliable, it getting more popular locally as predictors of market movement in pre-market. A lot of people trade by looking at it, and just to reliase that the trend reversed after the close of local market.
Recently there are an article in Bloomberg offering some insight into it, the following is the excerpt:
US stock index futures are becoming less reliable as predictors of market moves. With trading in US stock index futures running more than 23 hours a day on weekdays, their movement can affect sentiment around the world.
While futures may be becoming a worse predictor amid unprecedented actions by central banks to bail out the financial system, pre-market trading is only an indication of what might happen. They're just people's best idea on the market at a time when there are no actual trades.
There was a sense of panic. In the futures markets there are huge swings ahead of the opening. It looks like a casino for global traders.
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