Here is what I do: Assume I have 4 long contracts on YM for june, I can short against them 4 YM for September or 4 ES for june or 4 ES for September. for every 400 point in the Dow the S&P 500 moves about 30 points. You can hedge all the four at the same time, or you can scale if the market is moving up slowly and I don't believe it will continue I'll short against my 4 YM long position gradually 1 contract at a time as the market goes higher. Then I can find the write time to liquidate my positions based on which way the market moves next. Hope that helps. I'm new to futures less than 2 months experience but I managed to make good progress, I don't regard my self an expert.