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Sure, they track. But where does price discovery happen? When there's a big news print, do market participants rush to trade stocks, and that causes futures to move? Absolutely not. They just pile into futures because that is way easier, and stocks follow.
People get hung up on the fact that futures are a derivative instrument and completely ignore the fact that the futures market is where almost all of the action is. The level of the index tracks futures, not the other way around.
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it doesn't seem like a derivative to me, everything else is a derivative of /ES. /ES is the underlying.
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At some point it's just semantics :)
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