SPY Charts and some Technical Analysis Recap of the previous market day.... (click here).... Dow -165.89 at 29232.10, Nasdaq +1.57 at 9732.77, S&P -9.87 at 3370.29 News to keep in mind Wednesday morning: Futures trade vs fair value were trading a bit higher late last night. Asian stocks attempting to rebound.Dow +95, S&P +10, Nasdaq +38, Russell +6.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 in the mid-teens, returning to levels before the coronavirus started to hit stocks last month. According to the Vix we are back to 'Risk-On'. Today's Economic Calendar: 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. 8:30 AM, Housing Starts for January. The consensus is for 1.415 million SAAR, down from 1.608 million SAAR. 8:30 AM, The Producer Price Index for December from the BLS. The consensus is for a 0.1% increase in PPI, and a 0.1% increase in core PPI. During the day, The AIA's Architecture Billings Index for January (a leading indicator for commercial real estate). 2:00 PM, FOMC Minutes, Meeting of January 28-29, 2020 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 mixed on Tuesday with the Nasdaq edging out a small gain while the Dow dropped 165 points. Stocks did rebound during the day after a weak opening due to a coronavirus related revenue warning from Apple ($AAPL). Also we are still short-term overbought with the Stochastics which technically puts pressure on the markets. CHANGES: The Money Flow improved as buying occurred throughout the day after a weak open. POSITIVES: We are above the 20-day, 50-day, and 200-day moving averages.All 3 MAs are also in the proper alignment and headed in an upward direction. This is bullish.The MACD is positive.The Money Flow is positive. NEGATIVES: The Stochastics are overbought.We may have risen to far/to quickly.Not a technical indicator - Coronavirus fears and uncertainty. OPINION: Longer-term bullish. Shorter-term medium bullish, but using some caution. We are susceptible to some pullbacks or dips. We will keep using some caution as the coronavirus is not cured and we may have risen to new highs to fast. We would still buy the dips if any occur.The U.S. economy is still doing well. Using some caution: * Meaning - we would not use excessive margin at this time. * VIX: Spiked a bit on virus fears initially, but is back down into the mid-teens. This is a 'Risk-On' level. INDICATORS: The MACD is positive. The Stochastics are overbought. The Money Flow is positive. MA +/-: The 50-day MA (325.10)(+0.53) and the 200-day MA (301.09)(+0.25) On the 9-month chart below, we are in a megaphone like uptrend channel. Caution though as we are currently just above upper trend line, which is a high or overbought look. In many cases we stay in the channel either by pullbacks or by going sideways until the upper trend line catches up or a new pattern emerges. 320 is marked as a support level. 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.