SP500 Fair Value

[Tim Kruzel <TKruzel@xxxxxxxxxxxxxxxx>]

A couple of month's ago someone wrote a nice summary of the "fair value"
of the SP500 futures contract relative to the underlying cash value of
the SP500 index. Unfortunately I cannot find that summary. My question
is simply where can one find the fair value number? Naturally, I would
like to access that number prior to the opening of the market.

I realize that the price adjustments that occur at the opening of the
stock
markets are too fast for an individual investor to trade, however, after 
the initial morning burst of activity there is often a reversal that is 
slow enough for an individual trader to use on an intraday basis. I
would 
like to explore this possibility.

Thanks,
Regards,
Tim