Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: Oct. 1, 2019Dow 26573.04 -343.79 (-1.28%)Nasdaq 7908.69 -90.65 (-1.13%)SP 500 2940.29 -36.49 (-1.23%) The Stock market lost more than 1% on Tuesday, as weak manufacturing data for September revived growth concerns that forced traders to reconsider valuations. The ISM Manufacturing Index for September declined to 47.8% from 49.1% in August for its worst reading since June of 2009. Today's decline in the S&P 500 sent it below its 50-day moving average (2948) on a closing basis. News to keep in mind Wednesday morning: Futures trade vs fair value were slightly higher late last night... Dow +35, S&P +2, Nasdaq +8, Russell +2.The biggest factors in the market right now are; Global Economy, China trade talks, Fed speak, and the US Treasury markets.Keep an eye on the VIX - The CBOE Volatility Index is up in the high-teens now (18s). This is a level at which usually means it is a neutral / to risky environment.CHINA TRADE WAR is still an ongoing drama! Today's Economic Calendar: At 7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.• At 8:15 AM: The ADP Employment Report for September. This report is for private payrolls only (no government). The consensus is for 152,000 jobs added, down from 195,000 in August. 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 took a dive on Tuesday, with a few negative changes to the charts. Just as we were getting a bit more hopeful the poor ISM knocked us down. We have now poked just below our support line of 294, and also a bit below the 50-day moving average. The 292 level may offer some minor support, we shall see. We would be using caution and taking some profits (on a case by case basis depending on your own risk tolerance). Also taking a few new starter size positions in names beaten down or offering good value, maybe a good bet for a possible break out to the upside (also depends on your own risk tolerance). Although October is usually considered a spooky time of year for stocks, this year might be different or not. The MACD is declining after crossing down. The Stochastics are neutral. The Money Flow is negative. We are below the 50-day MA. The 50-day MA (293.46)(-.06) and the 200-day MA (280.77)(+.16) On the 9-month chart below, we do see the forming of an upward bound trading range. This maybe something to keep an eye on. Nasdaq Composite +19.2% YTDS&P 500 +17.3% YTDDow Jones Industrial Average +13.9% YTDRussell 2000 +10.7% YTD $SPY $DIA $IWM $QQQ 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.