The SP Maxis futures and the SP emini futures are both derived from the S&P 500 index (symbol SPX), which, as I said, has an ETF that trades like a stock (symbol SPY). So the question is - which of these is the leader and which are followers? Today the emini futures track the Maxi contracts almost tick for tick, with the eminis beginning to lead the Maxis at times, and also overshooting the Maxis at emotional extremes, such as the at the top of an intraday rally. Both the SP eminis and the SP Maxis (the futures) lead the S&P 500 cash index by a variable amount of time, often in the range of a fraction of a second. Some people call this the tail wagging the dog, because the futures are derivatives of the stock indices, but call it what you want, the futures are leading the way. The fact that the futures lead the markets makes their chart patterns more pure and reliable for support and resistance trading. This makes a huge difference to me. I use the stock index futures (the eminis and Maxis) for calculating daily support and resistance areas, which are the basis of my own trading style a style of trading that has paid my bills and built my financial security for about 20 years now.
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