S&P500... Running out of steam?

Little bit of technical analysis for you all today. Everyone knows that the S&P500 has been in this perfect uptrend since the March 2020 crisis began, and its basically been one-way traffic as shown by the parallel lines in the chart below. 

Sure, there have been a few deviations, but I could have drawn a wider channel and the result would be the same (the reason why I didn't was simply to show how tight the ranges have generally been within this channel). 

Source: cTrader FXPro

But a couple of things to note: 

1. The volume of the latest run higher has been notably lower than what we have seen in previous highs. This is often an indicator that the market is melting up rather than being driven by specific factors. In this case, it seems that even though we have had record earnings, this hasn't actually driven major inflows to the S&P500. Perhaps this signals a note of caution from retail / HF investors. 
2. Note the red trend line from the pre-pandemic highs, this has been pretty powerful and does actually extend further back too. We are not that far away from this trend line and it could be a powerful resistance.
3. Notice the declining "overbought periods in the RSI at the bottom of the chart. I have drawn a trendiness to show you how these have slipped and become less powerful moves higher. The purple rectangles point out the previous periods where we have seen aggressive and rapid moves higher in the S&P. This time, we do not see as powerful overboughtness despite the strong earnings from most S&P500 companies. Again, to me this suggests some hesitation. 
1. Downtrends in RSI are also often considered bearish signals. This is a bearish divergence - where we see higher highs in the price, but lower highs in the RSI. 
2. Note we also have a triple top formation marked on the RSI. 
4. We are at the bottom of the parallel channel marked, generally when we have broken this properly moves have been quite sharp to the downside. This is another reason for a note of caution. 
1. Looking back to Sep-Nov 2020, we can see the sharp declines where quite painful and took significant %'s off the index. 
5. From a technical perspective, the final thing to note is the blue 50d MA line. You can see that in the parallel channel this has generally acted quite closely as a support for the index, when the index drops to it and touches it, we usually see a rebound in relatively quick fashion. Note that the 50d MA line is now around 5% away from the current index level, so this would be a pretty painful period to get to decent support if we do start to sell-off. 
6. General caution is warranted going into the Fed meeting and Payrolls on Friday. Remember, a hawkish surprise is possible, if not necessarily likely, and this could be pretty painful for markets. 

Please note: This is not me suddenly becoming dramatically bearish on the S&P500, I am simply becoming tactically bearish in the face of a Fed meeting and a raft of economic data that could prove to be a little troubling to asset prices in the near-term. For once, I am actually interested in the outright short for the S&P500, rather than by playing through a RORO framework or some kind of options play. 

I'm short at the moment looking for 4520 and 4480 in extension. This is partly serving as a hedge to my equity portfolio, so I am not outright or even net short S&P, just trying to risk manage going into a busy week.