SPY Charts and some Technical Analysis News to keep in mind Today - Today's Economic Calendar - The Charts - Opinion & Stock Picks. Previous market day....End of Day Brief....(click here)... Dow +779.71 at 23433.57, Nasdaq +203.64 at 8090.90, S&P +90.57 at 2749.98 News to keep in mind Thursday morning: Virus headlines and the reaction to them are running the markets.Futures trade vs fair value were trading slightly lower late last night.Still unpredictable! But we have successfully held above SPY 240 support and broke over 260. Resistance is at 270 even if we are a bit above it.Dow -50, S&P -7, Nasdaq -50, Russell -3.The biggest factors in the market right now are; Coronavirus headlines, the Fed, the Oil price war, 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: 8:30 AM, The initial weekly unemployment claims report will be released. The consensus is for a 5.000 million initial claims, down from 6.648 million the previous week.8:30 AM, The Producer Price Index for March from the BLS. The consensus is for a 0.3% decrease in PPI, and a 0.1% increase in core PPI.10:00 AM, University of Michigan's Consumer sentiment index (Preliminary for April). 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 markets had a big rally day on Wednesday. We managed to close above our resistance line at 270. Will we stay above it? Time will tell if the recent rally is meaningful or a bear market rally. Much depends on how soon the economy is opened back up and how much damage was caused by the shutdowns. * We may stay under the control of virus headlines, so keep an eye on them. * Don't risk to much for awhile, there is still a lack of SANITY in the markets. For the moment, the market will still be like a casino. Some trading is fairly close to outright gambling. Don't hold your breath waiting for normal market action to return, but be ready to make some trades when it does. IF wanting to gamble: Options trades on these ETFs will give you a way to place your bets. $TQQQ - $SQQQ - $SPXL - $SPXS IF your sure the market bottomed and want a high leveraged bet: The small cap 3x ETF is it. $TNA * Beware though - levered ETFs are subject to decay and are not for long-term holding. * CHANGES: The MACD is a negative number, but is still rising now after a positive crossover.Our 240 Support level is confirmed.Our 270 resistance level did not stop the rally higher. We are above it. POSITIVES: We are still way under the old highs.The MACD has bottomed and is rising.We are over the 20-day moving average.We have held support and broken over resistance. NEGATIVES: We are under the 50-day moving average.The 50-day moving average is declining.We are under the 200-day moving averageThe Vix still remains high. OPINION & STOCKS: Short-term using caution, maybe defensive.Look for trading opportunities with this high volatility!Be aware that we are susceptible to large pullbacks or dips with a high level of volatility.The U.S. economy is uncertain. We must keep an eye on how much the virus slows it down and for how long. (Currently an unknown).After any big sell-offs or dips - look for names that are oversold to buy. Have your trading lists ready.Feel free to share your list/picks in the comments.We like: $AMRN - Amarin (See recent news first), $AUPH - Aurinia Pharma, $CARA - Cara Therapeutics, $COLL - Collegium, $EPZM - Epizyme, $EXEL - Exelixis, $HZNP - Horizon Pharma (if under 30), $IOVA - Iovance (constant buyout rumors), $IMMU - Immunomedics (FDA approval date coming soon), $KPTI - Karyopharm, $TGTX - TG Therapeutics.If your thinking longer-term: $T - AT&T is worth a look, high dividend yield. * 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 unless absolutely certain of your trade!. * 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 rising. The Stochastics are neutral. The Money Flow is neutral. MA +/-: The 50-day MA (290.14)(-1.02) and the 200-day MA (298.25)(-0.07) 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. The 240 support line is now 'confirmed'. The 260 line is also being considered as a support now. It would be a good technical sign for the markets if we stay above 260.270 is a resistance level. We will be watching for the possibility of staying above it and it becoming support, OR falling back under it. * Continue to use caution - Still many unknowns. * 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. 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