A normal weekend runs from Friday’s close to Monday’s open. The calendar does not always cooperate. Some Mondays the market stays shut. Some sessions end early. The index perps trade through all of it, and the implied open needs a rule for where it starts counting. The rule is short: the anchor is the last regular cash close.

A holiday Monday

When Monday is a market holiday, Friday’s bell is still the last regular close. The anchor stays there. The perp’s move since the close then runs across three days instead of two. Nothing resets on Sunday night or on Monday morning, because no cash session has happened to reset it.

The window is longer, so there is more time for a move to build. A figure that looks large on a three-day weekend has had half again as long to get there.

A midweek holiday

The same rule applies in the middle of the week. If the market is shut on a Thursday, Wednesday’s close is the anchor through Wednesday night, all of Thursday and Thursday night. Futures usually keep a shortened schedule on such days. The perp trades as normal.

An early close

On an early close the regular session ends at 1:00pm Eastern. The anchor moves with it. The perp’s print is taken from the 15-minute candle that ends at that bell. From then on, the move since the close counts from early afternoon. The half-day session playbook covers how those shortened sessions trade while they are open.

An anchor left at the usual time on a half day would start the count three hours after the cash market had actually shut. Those three hours of perp trading would vanish from the figure. Following the real bell keeps them in.

If the perp has no print at that bell

The usual condition holds. If the perp has no print in the candle that ends at the close, there is no figure. A holiday does not loosen that. Why the anchor is the perp’s own print explains the reason.

What changes on the options side

A holiday also changes the options calendar. Expirations shift, and the contracts on your map at the last close may cover a longer stretch than usual. The holiday expiration schedule lists how that works. The expected move for the next session then carries more calendar time, which is the right yardstick for a longer window.

The dealer map does not update while the options market is shut. The perp keeps printing. Trader shows the index perps’ move for as long as the cash market stays closed, holiday or weekend, and the push at half a percent keeps working through it.