UPDATE

Here you see the SPY the last few days on a 15 min chart which shows institutional money. This is a significant timeframe. First, the top red trendlines trace out a bearish Descending Wedge, this can function as a top and volume (not on this chart) confirms the pattern.

3C is in a huge leading negative divergence, you can see the highs at 7/26-7/27  and 3C went divergent there. It's currently leading below $110 which will be the during on the bull trap. TSV55 which is a long version and doesn't react to minor noise is also below it's moving average and just about below the zero line.

Watch for the break of $111, the next stop will be $110 if that happens soon. On the other side of the coin, there's always the chance of a false breakout, but because this is a 15 minute chart, I hardly would label this as an obvious price formation, I doubt many technicians see it.