SPY VS ES EMINI MAR10 FUTURES not matching?

A

aazzz

I'm sure this is probably easily explained but can someone elaborate on why the low on spy yesterday was approx 110.10 with ES Mar10 low was approx 1091 but this morning the low on spy was 109.73 while the low on ES Mar10 low was 1093.25. It's like the ES Mar10 chart this morning was shifted up four or five dollars. ie they don't match or come close even. Shouldn't they behave the same? ie an open of the same price in ES MAR10 should result in an open of the same price in SPY (not an open of a lower price)? Is it because of options expiration and why? Wouldn't this just be an arbitrage opportunity? TIA!
 
SPY ex-div

dividend will be $0.59019, which accounts for the difference in the spread between yest and today
 
Not only today's special day with divident.

When you compare closely spy and s&p index, you will see some differences in many days. High and low are different.
 
Thanks so much for all the replies! It looks like it may have been a combination of all the factors above especially MRE's SPY ex-div price difference.
 
filtered out all the premarket and aftermarket. 9:30AM 4:00PM EST Sharp.
You still see some differences on spy and spx. However the ex-div day is more obvious. It is normal, since its just ETF, they need to rebalance it daily if not sooner, longer.
 
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