Yeah, I was under the impression that it's early in the morning, Silvanito has just woken up, TMWNN has been lying there all night in the same position and hasn't moved, when Silvanito sees that TMWNN's eyes are open, he realizes it's been like that all night. (As Frayling once said, nobody sleeps in a Leone movie

)
Remember, the cavalry was spending the night in the town, and now is leaving town quietly, they don't want to arouse any more attention than is necessary as they go to the river to make the weapons deal. Well, sneaking out quietly in the middle of the afternoon wouldn't help much! So I always understood it to be early in the morning, just as Silvanito is waking up, and he realizes that TMWNN hasn't been sleeping... and it bothers Silvanito to see TMWNN staring like that