$spy s&p 500 etf CAUTION CAUTION $spx

The S&P 500 broke out of its descending trendline on Tuesday and is bulling, here is why I'm playing this cautiously...

It has a gap (red) that it is beginning to fill. It can easily fill the entire gap (into supply zone) and be in this bear flag territory.

This could be a BIG BULL TRAP. Beware as we head into FOMC Fed Meeting next week. I would not swing long into resistance under these circumstances.

Can it break out above? YES.
Do I think it will? NO.

Only time will tell.