S&P 500 - Feb 11, 2009

charts courtesy of stockcharts.com

Index did not do much of anything today.

It held the support at 820, attempted a rally a couple of times, and closed slightly up on low volume

Yesterday I said a bounce would be nice to frustrate the overzealous bears, it was a small bounce but it denied the bears a continuation to the decline of Tuesday.

While S&P and the DOW managed some small gains on low volume. Nas100 lost a few points, courtesy of spectacular breakdown of Research In Motion.

The DOW could not climb above the much hyped 8000 level, which was heavily defended a few sessions back.

We are still stuck in a range, and it can go any which way it desires

Here is bearish view

Here’s a more optimistic view

Bulls need to take and hold 850 area to have a case and a say.