The Qs took it in the shorts today, ostensibly driven by the Dell-saster reports. While it surged up out of the gate along with the rest of the market based on some old guy's off the cuff remarks, there was clear resistance at R2, and little inclination for the market to repeat Tuesday's R2 to R5 pop. Once the Qs got to PP and then broke through on solid volume to S1, it hung in a relatively narrow range PP to S1. That final gasp to S2 right at 15:00 was technical hard to anticipate, but it took the Qs 15 minutes to retrace that drop. The last 30 minutes showed solid momentum to the upside, although the Qs ultimately closed right on S1 . . not exactly a wildly bullish signal.
The Stock Trader's Almanac notes that the first trading day in December has seen 100+ point gains 2003-2005 with turnaround Wednesday providing a pivot high for severe selling on Thursday and Friday. Not that history will repeat itself. . .remember the caveat that past performance is no guarantee of future returns. Just an interesting probability statistic to file in your brain pan while assessing next week's possibilities.