Index funds provide an easy way to track market movements. But did you know there are three ways to chart them? You can use a futures contract, an Index, and an ETF. Let’s use the S&P 500 Index, for example.
/ES is the futures symbol. The perk of using the futures chart to follow the S&P 500 is that it trades almost 24 hours a day. They close on Friday evening and open back up Sunday night. Traders use /ES to know what is going on when the stock market is closed.
SPX is the Index symbol. It trades during regular market hours and has listed options available. However, because it’s an index, you can’t buy shares of it.
SPY is the ETF. Like SPX, it trades during regular market hours, but if you use an intraday chart, you can actually see what it’s doing after-hours. You can buy shares and trade options on SPY. Its price chart is the best way to see overnight gaps.
Each Index (NASDAQ, RUT, etc.…) has its versions of these three.
Chart of the Day
S&P 500 Futures
After Friday’s slip, it’s nice to see S&P 500 futures up 0.70% ahead of the opening bell. Bulls will see a reprieve in their P/L right off the bat this morning. Still levels of resistance overhead…could be an interesting week.
Video of the day
Coach Frank’s Charts
Watch this clip from Friday’s Halftime Report where the coaches analyze Frank’s charts and discuss their potential trading setups on stocks like Broadcom, ON Semiconductor, Iron Mountain, Phillip Morris, Altria, and Agilent.
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