If the S&P 500 Index futures contract is overpriced relative to the spot S&P 500 Index, you should --------------------

1- Buy all the stocks in the S&p 500 and write put options on the S&P 500 Index

2- Sell all the stocks in the S&P 500 and buy call options on S&P 500 Index

3- Sell S&P 500 Index futures and buy all the stocks in the S&P 500

4- Sell short all the stocks in the S&P 500 and buy S&P 500 Index futures