Question of futures vs index

Hi

I was long on S&P futures with the view that S&P would have an opening gap down below 1220.

S&P opened at 1226 but futures never got above 1218 before opening.

Is an 8 pt gap betwen future and index unusual? Looks like a big arbitrage opportunity for someone.

Was I just unlucky? Or am I missing something.

Hope someone can give me some info on this matter.

Thanks in advance.

 

The pit opened @ 1218.80, best of luck Arbing the Cash vs ES, you need a super fast automated program, to capture a tick or two.

http://www.indexarb.com/index.html

 

All 500 stocks in the S&P 500 don't open for trading at 09:30. At 09:33 the SPX was at 1215.94 before it had an uptick. There is normally no arbitrage available at the open.

 

Thanks for the info the more I learn the more I have to learn.

Cheers