SPY Charts and some Technical Analysis Recap of the previous market day.... (click here).... Dow -2352.60 at 21200.72, Nasdaq -750.25 at 7201.81, S&P -260.74 at 2480.64 News to keep in mind Friday morning: Futures trade vs fair value were trading much lower late last night. Still unpredictable!...... Virus news!Dow -632, S&P -68, Nasdaq -284, Russell -45.The biggest factors in the market right now are; Coronavirus headlines, the Oil price war, 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. When the Vix peaks, the market bottoms. Today's Economic Calendar: 10:00 AM: University of Michigan's Consumer sentiment index (Preliminary for March). 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 had a big drop again on Thursday due to more Coronavirus fears & panic. Not much new to say with our charts for awhile, until some sort of sanity returns to the markets. We have not found a bottom or some kind of support yet. SO for now the market will be a casino like environment, fairly close to outright gambling. CHANGES: The MACD continues its drop.The Money Flow went negative.We continue to break any support levels we put out. POSITIVES: We are extremely oversold. NEGATIVES: The MACD is declining.We are under the 50-day moving average.The 50-day moving average is declining.We are under the 200-day moving averageThe Money Flow is negative.OPINION: Short-term using caution, maybe defensive.We are susceptible to large pullbacks or dips and could see increased volatility.Keep using caution as the Coronavirus is not cured and continues to spark fears about an economic slowdown.The U.S. economy is still holding up (as far as we are told/know). We must keep an eye on how the virus might slow it down and by how much.After any big sell-offs or dips - look for names that are oversold to buy. Have your trading list ready.We like: $AMRN - Amarin, $COLL - Collegium, $IMMU - Immunomedics, $TDOC - Teladoc, $TGTX - TG Therapeutics, $EPZM - Epizyme, $KPTI - Karyopharm. All high beta biotech stocks, all oversold.Adding $AUPH - Aurinia Pharma, $CARA - Cara Therapeutics, and $HZNP - Horizon Pharma as they are now also trading at a huge discount.Also if the dividends hold up and are safe: $CTL - CenturyLink and $T - AT&T are worth a look/grab. * Currently some of the market action is "unpredictable or irrational". Keep that in mind if trading. * Using some caution: * Meaning - Do not use margin at this time. * VIX: Spikes on virus fears! Expect possible price swings. If the market has truly found a bottom or support the Vix will start coming back down. INDICATORS: The MACD is negative. The Stochastics are neutral. The Money Flow is negative. MA +/-: The 50-day MA (321.7)(-0.97) and the 200-day MA (303.05)(-0.02) On the 9-month chart below, we were looking at a severe and quick drop of the market. All previous patterns are broken and voided. Next step is to see if some sort of support level actually holds. *Still waiting!* Continue to use caution as we deal with the breaking down of the previous chart patterns. 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.