Zoombie, if you look at the current price of the SPI front contract and compare it to the XJO price, the SPI is currently trading below the price of XJO. That is a SPI "discount". If the SPI is trading above the XJO price, then the SPI is at a "premium".
A few XJOers have different theories as to why this happens, but regardless of the reasoning it can be a reasonable market indicator for the mid term. It is possible to play the SPI premium/discount intraday, but it is a strategy for the very short term traders. If you have access to the appropriate data feeds, watch the SPI vs XJO just before and after XJO close.
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