Shares of Goldman Sachs Group Inc. (GS-N153.991.961.29%) were up in afternoon trading Tuesday, in what is an ugly day for the stock market and Goldman Sachs in particular.

Executives from the financial firm were getting grilled at a U.S. Senate hearing into allegations that they bet against their clients, raising thorny ethical issues. So why are Goldman shares up for the day?

Bespoke Investment Group pointed out that the shares are at an important level, technically speaking. At $148.72 (U.S.), they would be back to their low point in January, which coincided with a broad stock market decline. Earlier in the day, the shares were within about $1.50 of that level.

As Bespoke pointed out: “A successful test and hold could spark significant buying again, while a break could trigger another round of selling.”

But perhaps investors are also reacting to the Senate hearings, which really give Goldman Sachs executives a chance to defend themselves. Hey, they might even look good next to some of the directionless barbs from politicians.

Megan McArdle at The Atlantic had a nice line on this point: “The statements from the senators make it clear that they are not holding this hearing in order to find out what happened; that’s the SEC’s job. They’re holding this hearing in order to be televised yelling at investment bankers.”