If you're going to buy the equity index, buy the Dow. If you're going to short it, short the S&P. This spread makes clear which index will likely do best vs worst. Since I don't have a good hand on direction at the moment, I will trade this spread and go long Dow/short s&p.
Note
Something to think about...
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.