This is a technical question for you stock market traders. I am shorting the S&P 500, using the EFT called SH. I wanted to place a buy stop after the close today at around $57.30. This would equate to an SP 500 of about 990, which to me signifies a break down.
My order was rejected because at the close today (July 2nd) the ask was $69.25, but the bid was only $55.20. An ask of $69.25 equates to an SP 500 of about 750, 25% higher than the bid!
What is going on? The bid and ask are normally very close together, within 10 to 25 cents. It’s like someone locked out the short sellers over the long weekend! Is this normal? I’ve never seen the spread between the bid and ask be so far apart.
Any help in understanding this is appreciated.