Is this ladybird larva secreting a protective fluid?
In larvae stage Ladybird beetles secretes yellow gooey alkaloids from its abdomen.

Ladybird beetles oozes hemolymph(in other word its blood), which is toxic and very smelly, when threatened. It's a mixture of various alkaloids and repulse the predators. 

Good Job, There might be no picture more clearer than you provided



source:

[1]: Ladybird defence alkaloids: Structural, chemotaxonomic and biosynthetic aspects (Col.: Coccinellidae), Désiré Daloze, Jean-Claude Braekman, Jacques M. Pasteels

[2]: 10 Fascinating Facts About Ladybugs