SPY Charts and some Technical Analysis Today's Economic Calendar - The Charts - Opinion. Today's Economic Calendar: 8:30 AM ET, The initial weekly unemployment claims report will be released. The consensus is for 200 thousand initial claims, up from 184 thousand last week.8:30 AM, Housing Starts for November. The consensus is for 1.570 million SAAR, up from 1.520 million SAAR.8:30 AM, the Philly Fed manufacturing survey for December. The consensus is for a reading of 27.0, down from 39.0.9:15 AM, The Fed will release Industrial Production and Capacity Utilization for November. The consensus is for a 0.7% increase in Industrial Production, and for Capacity Utilization to increase to 76.8%.11:00 AM, the Kansas City Fed manufacturing survey for December. THE CHARTS: (NOTE: Charts are a guide, do other research as well.) BRIEFING/OPINIONS: The markets had a nice Fed relief rally day. The fed did what was expected and since the meeting is now over, the market has a bit more certainty. The SPY closed just over 470 and may attempt to break above and to new highs. Note: Currently the market is still being moved by news events and fears. Due to this, the charts may mean a bit less. We are still marking a wide trading range of SPY 450-470, but we did break just above this range. Let's see if we get some follow through. CHANGES: Broke back above the 20-day moving average. The Money Flow improved to a positive. NOTES: We were expecting a sideways range bound market to develop, OR a resumption of the previous uptrend. Currently the market is in a trading range trying to break up. 'Buying the dip' is still working. Risks: Negative budget or inflation headlines, political uncertainty, and/or Covid fears. SPY 450 is our support level. This level could also be considered a stop area for some traders. * If you have any questions, opinions, or comments to add please do so! * IF wanting to gamble: Options trades on these ETFs will give you a way to place your bets. $TQQQ - $SQQQ - $SPXL - $SPXS. * Beware - levered ETFs are subject to decay and are not for long-term holding. * POSITIVES: We are above the 20-day moving average.We are above the 50-day moving average.We are above the 200-day moving average. NEGATIVES: High Stochastics.Think about the Fundamentals, Valuations, Virus news, the Economy, Jobs, Politics, The FED, etc.?Inflation fears?Some things out there to worry about still! Or a wall of worry to climb as the saying goes. OUTLOOK: Risks and fears have dropped us into a trading range.Longer-term questions to ask: When will the Fed's easy money and the stimulus sugar run out?Will higher inflation cause the Fed to raise rates? Covid still hurting the economy?Supply chain issues?We still say "Use Caution". Do not over risk yourself or over leverage yourself.We are still susceptible to large drops or dips.Look for trading opportunities that could result and have your trading lists ready. * Be careful if using MARGIN, be certain of your trades! *INDICATORS: The MACD is positive. The Stochastics are high. The Money Flow is positive. MA +/- (slope): The 50-day MA (458.39)(+0.75) and the 200-day MA (431.32)(+0.46) The 8-month chart (below). We are above the 450 support level. We have been following the long-term blue trendline. * Feel free to share your list/picks in the comments below. 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. .