Another high volume erosion of the Qs today. It looked like we might hold S2 at 14:00 but the buying was quickly sold down once the tenuous resistance of S1 was reached. The long tail TICK readings starting at 14:00 warned of the impending weakness and once again the last 30 minutes produced a surge in volatility and selling. The several rally attempts at 10:00, 12:00 and 14:00 were all greeted with engulfing sell downs. Although the Qs are technically oversold at this level, we know from previous weeks' Qs behavior that overbought/oversold signals are proving less than reliable. The high volume into the close suggests that if the markets were open another hour we would probably be looking at a 47 level in the Qs. Maybe tomorrow we get a bounce. 
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