Trader Update -data point 22 February 2012-

...the 21 February 2012 SPX 500 market had a first unsuccessful meeting with the 5 May 2011 Top *1370.58 with an intraday High *1367.76 before selling knocked the index back - however, selling did no damage to the bullish trade with an intraday Low *1358.11 - comfortably above the new bullish inspired *1351_*1355 support range

...instituional selling trending up to sideways since January

...with inflowing liquidity remaining high, the VIX trade appears to move sideways supporting upward price pressure

...the markets remain heavily overbought in the long term time frame - risks remain very high an interim Top is building - portfolio protection remains at 85%

Kind Regards