The market has been hovering around highs of the day, consolidating the gains made in the reversal earlier in the day. As the afternoon progresses, it will be interesting to watch how the S&P 500 handles its second level technical resistance at 1244/1246 (session high 1243.65). A break through would put the index at 52-week highs. Keep in mind that tomorrow is the quadruple witching December options expiration -- the last of the year -- which could be having an impact as traders hedge expiring positions.
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