ES Futures Volume Analysis: Veterans Day 2025 Trading Dynamics

This analysis is based on a Reddit discussion [Reddit] published on November 12, 2025, which questioned why E-mini S&P 500 (ES) futures volume on Veterans Day was equal to or greater than the previous session, contrary to expectations of a quiet holiday trading day.

The investigation reveals that ES futures traded

on Veterans Day (Tuesday, November 11, 2025) [0], representing substantial trading activity that contradicts the expectation of a “low trend day.” This volume level indicates active institutional participation rather than reduced market activity.

• U.S. Stock Markets Open
  : NYSE and NASDAQ operated normal trading hours on Veterans Day 2025 [1][2][3]
• Bond Markets Closed
  : U.S. bond markets followed the SIFMA holiday calendar and remained closed [2][3]
• Futures Markets Active
  : ES futures traded nearly 24 hours on CME Globex platform with normal holiday schedule [0]

The volume discrepancy stems from fundamental differences in market structures. Unlike stock markets, futures markets operate on CME Globex with extended hours (Sunday-Friday 6:00 p.m. - 4:00 p.m. ET) and typically maintain near-normal volume on Veterans Day [0]. This operational difference creates a scenario where futures markets can maintain substantial liquidity even when other financial markets are affected by holidays.

ES futures attract international traders who are not affected by U.S. federal holidays, providing consistent liquidity regardless of U.S. market participants’ schedules [0]. The 24-hour trading cycle ensures continuous market access for global participants, particularly during Asian and European trading sessions when U.S. domestic participation might be reduced.

The Reddit discussion reveals a common cognitive bias among new traders - assuming holidays automatically mean low volume across all markets. This expectation fails to account for:

• Different market holiday schedules across asset classes
• Global market participation in 24-hour futures trading
• Professional trading vs. retail trading patterns
• The distinction between market closure and reduced participation

The substantial volume reflects several institutional factors:

• Portfolio Rebalancing
  : Institutions continue asset allocation adjustments regardless of holidays
• Cross-Asset Hedging
  : With bond markets closed, futures become primary hedging instruments [2][3]
• Algorithmic Trading
  : Automated strategies operate continuously on technical levels
• Risk Management
  : Professional traders maintain positions and hedge exposure

The ability of futures markets to maintain substantial volume during holidays demonstrates:

• Market structural robustness and technological reliability
• Global integration of modern futures trading
• Continued risk management needs across time zones
• The importance of electronic trading infrastructure

• Holiday Assumptions
  : Making trading decisions based on assumptions about holiday volume patterns can lead to unexpected market behavior
• Data Interpretation
  : Misreading volume signals without understanding market structure context
• Liquidity Misconceptions
  : Assuming reduced participation means reduced opportunity or risk

• Developing comprehensive market structure knowledge
• Learning to verify specific market holiday schedules
• Understanding the global nature of futures trading
• Building volume analysis skills that consider context rather than isolation

• Liquidity Monitoring
  : While ES maintained substantial volume, liquidity depth and distribution may have differed from regular sessions
• Volatility Patterns
  : Holiday sessions can exhibit different volatility characteristics despite similar volume levels
• Cross-Market Correlations
  : With bond markets closed, normal correlations between asset classes may have been disrupted
• Timing Advantages
  : Different participation patterns may create unique trading opportunities

• The continued high volume underscores futures markets’ role as primary risk management venues
• Global participation patterns highlight the decreasing relevance of domestic holidays to 24-hour markets
• Technology infrastructure reliability becomes increasingly critical for maintaining market function

The analysis of ES futures volume on Veterans Day 2025 reveals that

were traded [0], demonstrating substantial market activity contrary to expectations of reduced holiday volume. This activity reflects the of modern futures markets, which operate on different holiday schedules than domestic equity markets.

Key factors contributing to the substantial volume include:

• International trader participation
  unaffected by U.S. holidays [0]
• Institutional risk management needs
  that continue regardless of domestic market conditions
• Cross-asset hedging requirements
  , particularly with bond markets closed [2][3]
• Algorithmic trading strategies
  operating continuously on technical levels

The case highlights the importance of

and avoiding assumptions about holiday trading patterns. Futures markets maintain operational continuity through electronic trading platforms, ensuring liquidity and risk management capabilities regardless of domestic holiday schedules.

For market participants, this underscores the need to

rather than assume uniform behavior across all asset classes, and to develop that account for global market participation and structural differences between market types.