S&P 500 is in a clear rising trend, but is now testing the ceiling of the uptrend channel . This may give a reaction down, while a continued rise within the trend channel may be expected for the longer term. The index has support at points 2400. RSI diverges negatively against the price, which indicates a danger for a reaction down. So, technically the index is slightly positive for the medium long term but it may deliver on our lovely butterfly :)
Always remember this: "If you can't take a small loss, soon or later you will take the mother of all losses" :)