Backwardation in ES and NQ

Simplified or conceptual pricing of financial futures:

Future price = spot + cost of financing -
div yield.

Logical to think the cost of financing is now lower than yield on underlying causing the lower forward prices.
 
Thanks, guys. Years ago I watched the premium closely, seeking cosmic significance in it, and got out of the habit when I realized it hurt my head less to think of price as just a number. Was reading too much Hershey back then. Price is like your dick. The only thing that matters is if it's up or if it's down.
 
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