I am in the early stages of studying intermarket spreading, and I have run into some questions. Here's a question concerning spread pricing; use NQ-ES as an example. Let's assume a ratio of 3NQ to 2ES. The following legs are executed -3 NQ 1543.50 +2 ES 1216.75 Position is short this spread with a net credit of 2197. At different times while the position is open, the value of the spread rises above 2200, yet the net equity of the positions also rises. How is this possible? What am I missing? Also, can anyone suggest and books or resources on this subject. I haven't been able to find much that is very helpful. The best resource has been this forum. Thanks in advance.