Pips and points using the mt4/5 crosshairs

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So in the S&P500 Index, Price at 4422.02 and lower price at 4416.14.

using the crosshair gives me 560 (the middle number).

can someone confirm that is equal to 56 Pips? 

 
  1. 4422.02 - 4416.14 = 5.88 or 588 points.
  2. The term PIP only applies to currencies.
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