You are managing a highly risky healthcare technology portfolio with a beta of 2.73 and a market value of $1,600,000. The portfolios benchmark is the S&P 500. Due to fears of the war in the Ukraine and China's renewed Covid lockdowns, you fear a short-term drop in the market. The current value of the S&P 500 is 4381 but your volatility measures indicate it may drop to 3200 within the next 3 months. Explain how you would hedge your portfolio using S&P 500 futures contracts.