February 15, 1984

With the Lebanese Government under severe strain and United States Middle East policy in considerable disarray, President Reagan found himself caught today in a crossfire of competing pressures from Israel and moderate Arab leaders. Although the Administration is trying to persuade all sides that the President's decision last week to pull back American marines from Beirut does not signal any shift in policy, both Arab and Israeli officials said they sensed that American policy was in flux after setbacks in Lebanon. Room to Maneuver Shrinking That perception has raised both anxieties and competing efforts to influence the future course of American diplomacy, and thus has limited the Administration's room for maneuver. American officials tacitly acknowledge that the Reagan Administration has few alternatives and little control in the deteriorating situation in Lebanon.

Vice President Bush met with Konstantin U. Chernenko today and said afterward that the new Soviet leader agreed on the need ''to place our relationship upon a more constructive path.'' Mr. Bush said he had delivered a letter from President Reagan to Mr. Chernenko, with whom he met after Yuri V. Andropov's funeral. The Vice President declined to divulge the letter's contents, but said ''it conveyed the President's determination to move forward in all areas of our relationship with the Soviets, and our readiness for concrete, productive discussions in every one of them.'' Mr. Bush also declined to go into details of his conversation with Mr. Chernenko, who was accompanied by Foreign Minister Andrei A. Gromyko.

The stock market abruptly changed direction yesterday following its five- week slump and rose sharply, with the depressed blue-chip and technology issues leading the advance. The Dow Jones industrial average ended the session ahead 13.71 points, to 1,163.84, after closing at 1,150.13, its lowest level in 10 months, on Monday. In the overall market, advancing issues on the New York Stock Exchange outnumbered those that fell by almost a 5-to-3 ratio. On Monday, losers led winners by almost 3 to 1.

The Publishing column in Weekend on Feb. 3 misidentified the publisher of ''The One Minute Manager.'' It is Berkley Books.

A brief article in Sports Pages last Wednesday explaining the Olympic hockey competition incorrectly described the pairings in the medal round.