Early Update – Bull Flags Breakout After Bear Trap Yesterday. Averages Taking On Hugely Important Levels.

10:51 a.m. ET The S&P and NASDAQ-100 broke out of their bull flags a day after setting a bear trap (failed moves lead to fast reversals), but clearly the catalyst is a favorable response to mega-cap Tesla’s earnings. I am a little concerned about a breakout here since it means the S&P is taking on…