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S&P 500 is resilient at 830

Was just debating the fate of the S&P 500 with seversal of my colleagues. All of us agreed that the breach of 847 on the S&P 500 last week would commence a new round of short-covering to take the index to 925. It didn't happen, partly due to the anemic volume. However, we closed today above that important resistance. It appears that we're going to consolidate between 830 and 855 until proven otherwise. Buyers are bidding the index heavily at 8.30. So, temporarily, I would set- a stop loss on the index at 830. If we breach 830, then we could go lower.