Trader Update -data point 24 February 2012-

...the 23 February 2012 SPX 500 market followed the hourly script with a successful test in the low level of the bullish inspired *1351_*1355 support range, rallying off an intraday Low *1352.28. The bullish rally took out the 22 February 2012 *1362.70 on the way and motored passed the 17 February High *1363.40 as well to a strong Close *1363.46
-in the short term hourly trade system, price barely pulled out of oversold with an eleven point lift making it unlikely, the bears will see a lot of honey in a down strike at this point. The immediate attraction for the market is rather to take out the 21 February 2012 High *1367.76 and drive the index past the 5 May 2011 Top *1370.58 into the *1400 Psych barrier

...the bullish VIX trade supports the go for a higher high before market enthusiasm for higher highs exhausts itself. However, the apparent bullish day also carried a very neutral = slightly bearish Trin *1.04 mark

...the SPX 500 market continues to deliver excellent intraday trading opportunities but remains extremely overbought with no respite in sight in the longer term frame
- high risks of a sudden drop in liquidity inflows remain - portfolio protection at 90%

Kind Regards