Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Wednesday's action: Nov. 20, 2019Dow 27821.00 -112.93 (-0.40%)Nasdaq 8526.73 -43.93 (-0.51%)SP 500 3108.46 -11.72 (-0.38%) The S&P 500 declined 11 points as the market dropped on news that the Phase One trade deal may get delayed till early next year. Also the U.S. Senate passed the Hong Kong Human Rights and Democracy Act, much to the contempt of China. For good news; shares of Target ($TGT 126.43, +15.58, +14.1%) climbed 14% after the company impressed traders with its stellar results and upbeat guidance. Lowe's ($LOW 117.83, +4.43, +3.9%) also beat earnings estimates and raised its FY20 EPS guidance. News to keep in mind Thursday morning: Futures trade vs fair value were a bit lower last night - due to China trade doubts and politics dealing with Hong Kong congressional bill.Dow -37, S&P -5, Nasdaq -20, Russell -1.The biggest factors in the market right now are; the Global Economy, China trade talks, Fed speak, and the US Treasury markets.Keep an eye on the VIX - The CBOE Volatility Index is under 13, this is a risk on level. Beware though it may seem to low.CHINA TRADE WAR is still something to be aware of. Today's Economic Calendar:8:30 AM, The initial weekly unemployment claims report will be released. The consensus is for 219,000 initial claims, down from 225,000 last week.8:30 AM, the Philly Fed manufacturing survey for November. The consensus is for a reading of 7.5, up from 5.6. 10:00 AM, Existing Home Sales for October from the National Association of Realtors (NAR). The consensus is for 5.49 million SAAR, up from 5.38 million in September. 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 ended lower on Wednesday and with some negative changes to our charts. The MACD maybe starting to turn a bit lower. Besides that, the Money Flow is still very positive and we are well above any of our various support levels. All the technical indicators are high and in case of the Money Flow and MACD, both are positive but to the point of being over positive. With that in mind and how far we have risen, 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. So the question is, are we getting overextended and having a breather/pullback/pause of some kind? Maybe, but as long as support levels hold on any such moves, the dips can be bought. On the long term chart, we mark the last break out point of 302.50 as a support level. On the shorter term chart, we mark 304 as the first possible support area followed by 300 and 294. The current set-up under 'normal conditions' is 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 all three MAs, which is good usually. The Vix is under 13, which is risk on for the markets. The MACD is positive. The Stochastics are high/overbought. The Money Flow is very 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 (300.75)(+.24) and the 200-day MA (289.35)(+.20) On the 9-month chart below, we have broken above the previous tops line near 302.50, that area is now a support level. We are now in an uptrend channel, but be aware near the top of the channel. Nasdaq Composite +28.5% YTDS&P 500 +24.0% YTDDow Jones Industrial Average +19.3% YTDRussell 2000 +18.0% YTD ?GAM"}==!>=record-cashtag" target="_blank">$SPY ?GAM"}==!>=record-cashtag" target="_blank">$DIA ?GAM"}==!>=record-cashtag" target="_blank">$IWM ?GAM"}==!>=record-cashtag" target="_blank">$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.