Tight choppy channel between yesterday’s high and 897. Volume was average.
ederal Reserve Chairman Ben Bernanke said the three-year U.S. housing bust may be near a bottom and that he expected the recession to end this year

A bit of chopfest until 12:00am for the scalpers, a rally to test yesterday’s high  for the daytraders to take profit or to initiate new short positions and finally a sell off almost to the 800 support for the bears and those bulls that like healthy retracements. Volume was average and trending down.
Congressional hearing with [...]

Market opened on large positive gap and rallied the first hour of trading to the 800 resistance level. Then price oscillated above and below that level without any clear direction until 2:15pm when volume exploded taking price to the upside huge and ending the day printing a +7.08% day for the S&P 500 Index. Volume [...]

The day started gaping up and rallying to the resistance at the 30 day simple moving average (SMA). The resistance was tested twice and the retracement sell off ensued. The day ended in red but almost flat. Volume was high and broke trend. It looks like a normal retracement movement after a large rally. Fibonacci [...]

The market opened green on rumors of a bottom. Fading the gap commenced immediately after the start taking the S&P 500 to new lows. Volatility was due to the Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner testimonies before the congressional committee. Bernakle’s effect was negative while Geithner’s effect was somewhat positive ultimately [...]