Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: Jan. 7, 2020Dow 28583.59 -119.70 (-0.42%)Nasdaq 9068.61 -2.88 (-0.03%)SP 500 3237.18 -9.10 (-0.28%) The stock market closed slightly lower amid lingering geopolitical uncertainty. After hours got messy with futures dropping on Iran missile news. Could be worse. News to keep in mind Wednesday morning: Futures trade vs fair value were trading lower early last night. That and today will be all about the Iranian conflict/missiles.Dow -100, S&P -10, Nasdaq -40, Russell -5. The Dow futures did drop 300 points and Nasdaq 100 points initially. Expecting a bit of volatility as the news gets processed, etc.The biggest factors in the market right now are; Iran vs U.S., the Fed, the Global Economy and Global Geopolitical conflicts.Keeping an eye on the VIX - The CBOE Volatility Index is still under 15, this is a risk on level. But may spike on any war news/headlines obviously.CHINA TRADE news is still something to be aware of and can create instant volatility.Middle East tensions are going to be higher and in the headlines. Today's Economic Calendar: 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. 8:15 AM, The ADP Employment Report for December. This report is for private payrolls only (no government). The consensus is for 156,000 payroll jobs added in December, up from 67,000 added in November. 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.)* Read note above again. This is especially true with news headlines that we will be seeing now. * The markets ended a bit lower on Tuesday as geopolitical concerns and caution held the market back. There were no big changes to the charts. The Money Flow remained positive and we do notice a bit weakening of the MACD to keep an eye on. Our support levels remain the same, with the first possible support level at 320 and then 317.50. These levels could be used as 'stops' for some positions depending on your risk tolerance. Much stronger support is at 310. The 320 level may get tested today. [Repeated] We still view the current set-up under 'normal conditions' is still telling us we should continue to move sideways or up. We notice the 20, 50, and 200 day moving averages are all in alignment and are all moving higher. The current price is also above the 20, 50, 200 MAs, which is good. BUT - Keep in mind and how far we have risen and how fast we have gotten this high, a bit of caution is needed. Although at the same time, there is nothing saying we won't just keep drifting to new highs for the rest of the year and start of the next. As we previously written, you can let winners run, but we would not use excessive margin or open any new large positions. [/Repeated] The Vix is a bit higher due to the geopolitical events, but is still low enough to be considered in a 'risk-on' area. The MACD is positive. The Stochastics are neutral. The Money Flow is positive. We are above the 50-day MA. The 20,50,200 day moving averages are in a positive alignment and heading higher. The 50-day MA (312.46)(+0.48) and the 200-day MA (294.65)(+0.24) On the 9-month chart below, we remain in a wide uptrend channel that has lasted now for 6 months! Caution though as we are above the upper trend line now, which is an overbought look. In many cases we drop back down into the channel either by a pullback or by going sideways until under the upper trend line. Nasdaq Composite +1.1% YTDS&P 500 +0.2% YTDDow Jones Industrial Average +0.2% YTDRussell 2000 -0.6% YTD $DIA $SPY $QQQ $IWM 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.