A Potential Bearish Flag, Be Careful!

This is the chart of the SP500 with 1-day candles and with 1-hour candles. Last week the index was forming a bullish pattern (cup with handle) for the short term but now we can see that the SP500 is clearly drawing a bearish flag on a longer time frame. We must be careful and we should close long positions with 1340 target. It´s important to remember that before, the SP500 did not hit neither the 1290 level nor the 200 SMA at 1280; therefore, there are high probabilities that the index revisits lows till 1280 level is hit.