For me, the best times of the day for trading are the first 2 hours and the last 1 hours. Here's an old rule of thumb (and this used to work like clockwork in the "old days", and although it has diminished a bit, it still happens):
"The Minor Time of Day"-If the Market opens higher, then there tends to be a pullback within the first 20 to 40 minutes. If the pullback is weak, there will probably be a continuation of rally into the early afternoon. But, if the pullback is sharp, then you've likely seen the high for the day and you'll want to be selling the bounces.

"Major Time of Day"- Around the 2:20pm to 2:40pm time frame, we'll often see moves reverse or gather steam in that timeframe. People that have been holding positions all day long become a bit "antsy" - they have to do something with them before the Market closes for the day. When people holding losing positions into
late into the day see the time until the close is near, that can cause the market to make some sharp turns in the last 90 minutes.
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