I can't explain it any better than I have . If U looked up the s&p500 , {spx } or even s&p500 fut's of 1987 u may see what I am viewing .
The chart is a daily cfd on s&p500 futures/ES [NOT SPX cash market] which is written in the top left and bottom left on the chart and also noted in the heading . This cfd mirrors the futures and not the cash market but worth noting it is often out/wrong by a point or so as it works on the offer price not the actual price achieved unlike a futures chart .
I don't have continuous daily ES charts so use my cfd version of the futures as they are very close as mentioned above.
I also find Head and shoulder patterns the most unreliable but that is not what I'm pointing out .
Wooopsies better clarify for those new to trading and who only use cfd's .
The abbreviation of ES is often used by most futures brokers to describe the s&p500 emini futures contract and it is normally followed by the contract expiry month so we are now in Sept futures , so it is ES9 .
CFD charts normally use another name like american 500 or S&P . The chart I posted was S&P daily if u view the tag bottom lhside or top left .
There is another contract of the s&p500 futures which is a biggie but I only know of one or 2 on hc that have traded it so not worth adding more confusion .
Lets not forget the yanks don't allow cfd's so the names used by cfd providers are adjusted for confusion .lol
Dow jones 30 index or just the DOW is often written as INDU and the dow emini futures contract is called YM , many cfd providers call it the American 30 .
The cash market term traders use is referring to the S&P500 or Dow or xjo or ndx etc physical markets . ie futures aren't cash markets .
last one . Continuous charts are often referred to as combined night and day charts with the contracts rolled over from each quarter . Some still use continuous charts without showing the night time sessions . Where as pure daily charts always refer to the current futures contract .
So if u view the chart I posted of s&p500 it is actually a daily continuous chart combining night time sessions and all the previous rolled over contracts .
