SPY Charts and some Technical Analysis Recap of the previous market day.... (click here).... Dow -879.44 at 27081.28, Nasdaq -255.67 at 8965.65, S&P -97.68 at 3128.21 News to keep in mind Wednesday morning: Futures trade vs fair value were trading a bit higher late last night. Will it actually rebound or drop again like Tuesday morning?Dow +176, S&P +19, Nasdaq +71, Russell +11.The biggest factors in the market right now are; Coronavirus headlines, the Fed, the Global Economy and Global Geopolitical conflicts.Keeping an eye on the VIX - the CBOE Volatility Index is spiking due to virus fear and fear of economic fallout due to the virus. Today's Economic Calendar: 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. 10:00 AM, New Home Sales for January from the Census Bureau. The consensus is for 715 thousand SAAR, up from 694 thousand in December. THE CHARTS: (NOTE: Charts are a good guide but when a tweet or news item can jerk the markets around, they mean a bit less.) * The charts mean a bit less currently as the Coronavirus news is in the headlines and can spark fears. * The markets were MUCH lower again on Tuesday, which caused more damage to the charts. The Money Flow has taken a nose dive after the high volume selloff we have had the last 2 days. Under normal circumstances we would say the Money Flow is oversold. Also the Stochastics are nearing oversold. We are under the 50-day moving average, which we don't like from the technical standpoint. 312 is the next support level to watch. CHANGES: The Money Flow has turned even more negative after heavy days of selling.We have broken below our support level of 320 from the longer-term chart.We are well below the 50-day moving average now. POSITIVES: We are above the 200-day moving average.All 3 MAs are also in the proper alignment. NEGATIVES: The MACD is declining.The Money Flow is negative.We are under the 50-day moving average.Not a technical indicator - Coronavirus fears and uncertainty are beating us around and causing fear/volatility. OPINION: Longer-term bullish. Shorter-term using some caution, maybe a bit defensive. We are susceptible to some pullbacks or dips and may see increased volatility.We will keep using some caution as the Coronavirus is not cured and continues to spark fears about an economic slowdown. We would still buy the dips if any occur/look for stocks oversold.The U.S. economy is still doing well (At the moment), but due to the virus might slow down a bit.After any big sell-offs or dips - look for items that are oversold to buy. Using some caution: * Meaning - we would not use margin at this time. * VIX: Spikes on virus fears! Expect possible price swings. INDICATORS: The MACD is declining. The Stochastics are neutral. The Money Flow is very negative. MA +/-: The 50-day MA (326.76)(+0.00) and the 200-day MA (302.17)(+0.15) On the 9-month chart below, we were looking at a rising wedge pattern, but that pattern was broken to the downside. We now don't have any real patterns to point out We have a top/resistance line and then a support line at 310. A broken support line at 320 also still lightly marked.Continue to use caution as we deal with the breaking down of the previous chart pattern. The next level of support is marked at 310 on this chart. With the wedge being broken, a new pattern of some kind will emerge soon. Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. With our Daily Trackdowns, check back for additional analysis/observations during the trading day in the comments by us or our readers.