SPY Charts and some Technical Analysis Recap of the previous market day.... (click here).... Dow -1031.60 at 27960.72, Nasdaq -355.31 at 9221.32, S&P -111.86 at 3225.89 News to keep in mind Tuesday morning: Futures trade vs fair value were trading a bit higher late last night. A rebound or recovery attempt after the big drop we had Monday.Dow +200, S&P +23, Nasdaq +93, 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 a bit due to virus fear and fear of economic fallout due to the virus. Today's Economic Calendar: 9:00 AM ET, FHFA House Price Index for December 2018. This was originally a GSE only repeat sales, however there is also an expanded index. 9:00 AM, S&P/Case-Shiller House Price Index for December. The consensus is for a 2.8% year-over-year increase in the Comp 20 index for December. 10:00 AM, Richmond Fed Survey of Manufacturing Activity for February. 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 on Monday, which caused a lot of damage to the charts. The Money Flow and MACD are in a definite decline after a day of heavy selling. 2 support levels were broken. We went under the 20-day and 50-day moving averages. Let's see if we get a rebound or recovery. 320 is the next support level to watch. CHANGES: The MACD is now declining.The Money Flow has turned negative after heavy days of selling.We have broken below our tight stop/support level (332) and the next support level (325).We have broken below the 20-day and the 50-day moving averages. 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 fell under the 50-day moving average.Previously, we may have risen to far/to quickly.Not a technical indicator - Coronavirus fears and uncertainty. 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.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 excessive margin at this time. * VIX: Spikes on virus fears! Expect possible price swings. INDICATORS: The MACD is positive/declining. The Stochastics are neutral. The Money Flow is negative. MA +/-: The 50-day MA (326.76)(+0.21) and the 200-day MA (302.02)(+0.20) On the 9-month chart below, we are now looking at a rising wedge pattern. We have broken down out of the wedge. Continue to use caution as we deal with the breaking down of the chart pattern. The next level of support is marked at 320 on this chart. We really need that to hold. 305 area appears to be the next line of defense if 320 does not hold. With the wedge being broken, a new pattern 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.