Trader Update -data point 3 June 2012-

...the market crashed the index through its 200-dsma followed by widespread expectations, the Close below this bull/bear divide will lead to follow through lower to challenge the 28 December 2011 Low *1248.43/29 December 2011 Low *1249.72 - a break below these inflection points will open the market down to the *1200 mark

...the VIX found strong support at the bull/bear divide *23.4

... markets are heavily oversold in the hourly frame, reaching now into oversold on the weekly with potential to overextend, but give nothing away in terms of oversold in the daily. Since the SPX 500 200-dsma remains trending up and the VIX 200-dsma still trending down, the market is now at an important inflection point
Anyway, the market needs now to take out the 21 May 2012 Low *1295.73 quickly to restore some sort of positive tone

Kind Regards