SPY Charts and some Technical Analysis Recap of the previous market day.... (click here).... Dow +1167.14 at 25018.22, Nasdaq +393.58 at 8344.26, S&P +135.67 at 2882.23 News to keep in mind Wednesday morning: Futures trade vs fair value were trading lower late last night. Still unpredictable!......Dow -750, S&P -93, Nasdaq -260, Russell -46.The biggest factors in the market right now are; Coronavirus headlines, the Oil price war, the Fed, 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: 7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.8:30 AM: The Consumer Price Index for February from the BLS. The consensus is for no change in CPI, and a 0.2% increase in core CPI. 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 had a big rally on Tuesday which featured so big price swings! Coronavirus fears and the collapse of oil prices continue to rock the markets. So we have not found a bottom or some kind of support yet? Although maybe we had what is called a "wash out" moment on Monday. Only time will tell if that's true. For now the market has turned into a casino like environment, fairly close to outright gambling. CHANGES: The MACD continues its drop.The Money Flow has actually turned slightly positive.We continue to break any support levels we put out. POSITIVES: The Money Flow is now a slight positive.We are extremely oversold. NEGATIVES: The MACD is declining.We are under the 50-day moving average.The 50-day moving average is declining.We are under the 200-day moving averageOPINION: Short-term using caution, maybe defensive.We are susceptible to large pullbacks or dips and could see increased volatility.Keep using caution as the Coronavirus is not cured and continues to spark fears about an economic slowdown.The U.S. economy is still holding up (as far as we are told/know). We must keep an eye on how the virus might slow it down and by how much.After any big sell-offs or dips - look for names that are oversold to buy. Have your trading list ready. * 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. * 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 negative. The Stochastics are neutral. The Money Flow is slightly positive. MA +/-: The 50-day MA (322.74)(-0.69) and the 200-day MA (303.07)(+0.05) 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. Next step is to see if some sort of support level actually holds. We don't have a support level to mark, but we do mark the level at which we want to get back over. That level being SPY 290. If you look at the chart we are right at the same level as the June lows about 9-months ago. Perhaps this could be a support? Continue to use caution as we deal with the breaking down of the previous chart patterns. 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.