2014.03.05 Wednesday Update

2 of the 5 hourly indicators I watch have returned to bullish extremes as my System defines them. The other 3 are pretty close. Today is setting up to be another SOS day. VIX is the big indicator that we need to make a new multi-week low. That would likely push the System Score into neutral territory calling for a sell/short trade on the next 4hr candle break. For that to happen, we may need one more brief surge of 10 SPX points or perhaps just a flat-to-slightly-upwards grind for another day or so. I have been watching much much less of CNBC in the past several months but almost nobody is calling for a large market drop right now. If SPX cannot breakout solidly in the next 2 days, the odds favor an imminent significant top. Good fortune.