/ES is future for S&P 500.
Normally ES is lowe then SPX. This is because of a common theory, that you are buying something that only will deliver to you in future and is not now..
ES come with an expiration date. When the new ES contract started, the price different is bigger. When time goes, the expiration date become nearer, the price will move nearer to SPX.
Fair Value is a number that "think" what should ES be. For Example, Let say SPX is at 1230, the time to reach the expiration is 3 months. After some calculation, ES Fair Value should stay at 1225.
Normally ES won't move too much from SPX and Fair Value.
Happy investing..!!!
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