Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Thursday's action: August 29, 2019Dow 26362.23 +326.15 (1.25%)Nasdaq 7973.42 +116.51 (1.48%)SP 500 2924.58 +36.64 (1.27%) Each of the major U.S. stock indices rose more than 1.0% on Thursday, lifted up by China indicating it wants to prevent trade tensions from further escalating. Did they blink? The S&P 500 gained 36 points. News to keep in mind Friday morning: Futures trade vs fair value were slightly higher late last night... Dow +87, S&P +8, Nasdaq +20, Russell +4.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 just under 18 as it dropped a bit Thursday as the market rose again. It is still a bit high though, not at a panic level but still caution needed.CHINA TRADE WAR is still an ongoing drama! Today's Economic Calendar: 8:30 am Personal income July8:30 am Consumer spending July8:30 am Core inflation July9:45 am Chicago PMI Aug.10 am Consumer sentiment index Aug.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 higher on Thursday in another low volume advance. There were some positive changes to the charts. The Money Flow went from neutral to slightly positive. If we get any follow thru to the upside the MACD will be crossing up. Which could become a buy signal for the market. ALSO if futures hold up and we are higher Friday, the 20-day moving average will be turning up, possibly confirming the buy signal. We still reiterate the note above, as the charts mean a bit less when a tweet or news item jolts the market without notice. *Repeating* - Due to MANY different geopolitical concerns / global growth concerns we are remaining cautious. (Meaning not starting any new large long positions, taking some profits.) Our strong support is at 282 now. The 294 level shows up as a point of strong resistance just above where we are now. It would be a big positive if we were to close over this line. With all the up and downs lately, we are still in a 282-294 trading range, with a midpoint line at 288. My current opinion is we are range bound until some certainty/direction is seen. So we are in a 282-294 range inside of a larger 280-300 range. * Look for the MACD to bottom, that could mark a good buying point. * (Possible here). The MACD is neutral/crossing upwards. The Stochastics are neutral. The Money Flow is slightly positive. The 50-day MA (294.07)(+.01) and the 200-day MA (278.46)(+.10) On the 9-month chart below, the previous patterns are behind us. Shown now is the support level at 280 and the top just over the 300 level. We are in a 280 to 300 trading range for now. Nasdaq Composite +20.2% YTDS&P 500 +16.7% YTDDow Jones Industrial Average +13.0% YTDRussell 2000 +11.0% 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.