It's a Crazy Ex Kind of Day

The SPY, actively-traded ETF for the S&P 500 Index, goes ex-div today, which means the SPY being down more than 1% as I write this is not quite as bad as it looks. 

For reference, consider the actual S&P cash Index, below on the 30-minute timeframe, which is down a little more than 0.50% at the moment. So, there is a bit of a discrepancy at the moment. 

Despite things not being quite as weak as the SPY indicates, that S&P 30-minute chart suggests bulls should not become too confident, just yet. Specifically, note the possibility of a bear-flag since this morning's open which could set up a late-afternoon plunge today below 2130. 

I see some names holding up well, which I will update in my usual Midday Video for Members. And some standouts like ACIA GPRO TWLO. But if the S&P heads back down to 2120 I would be rather cautious in adding too many longs for now.