$SPX weekly 4Just an FYI:  A follower of the site just informed me that the SPY went ex-dividend today, which I was not aware of.  Typically, a stock or ETF will drop by roughly the amount of the pending dividend on the day it goes ex-dividend.  When drawing patterns, trendlines, etc.., I don’t make adjustments for dividends since it typically balances out over time but even though the $SPX itself did gap slightly lower today, it is very likely that a good portion of the gap down in the SPY was due to the fact that it went ex-dividend today.  Nonetheless, my primary scenario remains the same and from a pure technical perspective, assuming that the SPY does close below yesterday’s lows, a pattern is a pattern so we’ll just have to see if we get the expected continued selling going into next week or if prices move back above yesterday’s prices.  Best to continue to keep things on the light side for now, trading only the best setups, long and/or short, and remain on the lookout for any early technical signs that the uptrend is in jeopardy.  Here’s the updated $SPX weekly chart.