The S&P 500 stands at 874.46, with
technical analysts tracking the index closely. After closing at 1468.36
last year, the index has struggled throughout 2008. The S&P
bottomed at 1,234.26 in mid July (when euro hit life-time high of
$1.6040) and then rallied to 1,312.71 in early August before ratcheting
sharply lower to 840.54 on
Oct 10. Last Thursday, the S&P broke below the Oct 10 low to test
818.91 before spiking higher to close at 911.29. "Following the bullish
Reversal Day in the S&P 500 last week (Thursday), the low near 818
provides an important line in the sand if the market is to stabilize
this week," say strategists at Barclays Capital. "A move below this low
is needed to negate the signal of stability," they add. Treasury
prices and
yields move in opposite directions.