Trader Update -data point 23 February 2011-

...the 22 February 2012 SPX 500 market delivered more downside but still closed above the bullish inspired *1351_*1355 support range
- the trade appears to drive the index up in a step up consolidation mode, delivering excellent trading opportunities in the hourly short term frame oscillating from extreme overbought to extreme oversold - today's violation of 15 February 2012 High *1355.83 with an intraday Low *1355.23 however introduces some weakness to the bullish set-up that could invite more downside to challenge the 10 February 2012 High *1351.21
- trading down to the 10 February 2012 High *1351.21 or lower intraday would deliver a strong enough oversold condition in the hourly to motivate the market into a push past the 5 May 2011 Top *1370.58

- a Close below the 10 February 2012 High *1351.21 with the 6 February 2012 Low *1337.52 as an  initial target would be a serious attempt to wear off the extreme overbought condition in the weekly frame

...the VIX currently stuck close to the *18.00 support confirms the continuation of the bullish market bias even during down days

...whatever, in terms of risk, the markets remain extremely overbought in the longer term frame with  high risks of a sudden drop in liquidity inflows - portfolio protection at 90%

Kind Regards