Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Wednesday's action: Sept. 4, 2019Dow 26355.45 +237.45 (0.91%)Nasdaq 7976.91 +102.72 (1.30%)SP 500 2937.78 +31.51 (1.08%) The stock market finished higher on Wednesday as the S&P 500 gained 31 points. Helping the market, Hong Kong agreed to withdraw an extradition bill and a weaker dollar was another positive. News to keep in mind Thursday morning: Futures trade vs fair value were higher late last night on China trade talks back on! ... Dow +282, S&P +29, Nasdaq +100, Russell +16.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 now under 18 as it dropped on Wednesday. This is still a bit high, but not at a panic level. Some caution maybe needed.CHINA TRADE WAR is still an ongoing drama! Today's Economic Calendar: 8:30 am Weekly jobless claims 8/319:45 am Markit services PMI Aug.10 am ISM nonmanufacturing index Aug.10 am Factory orders JulyTHE 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 Wednesday, with some positive changes to the charts. The MACD crossing up and the 20-day moving average curling upwards are confirmed now. As we said yesterday, usually this is a buy signal for us. We are still cautious due to many macro economic and geopolitical issues. Although the futures are higher on news last night that China confirmed trade talks are back on. 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 and strong resistance is at 294. Even with all the up and downs lately, we are still in the 282-294 trading range, with a midpoint line at 288. All of this inside of a larger 280-300 range. However, if the futures hold we will break above 294 on Thursday morning. This may change our trading range, with a new range of 288 to the 300 strong resistance/top area. * Look for the MACD to bottom, that could mark a good buying point. * (Possible here, but stay cautious.) For those not minding a bit of RISK, the 20-day MA has started curling upwards confirming a buy signal. (If we were in a normal market.) The MACD is neutral/crossing upwards. The Stochastics are neutral. The Money Flow is positive. The 50-day MA (293.98)(+.01) and the 200-day MA (278.83)(+.14) 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 +17.2% YTDDow Jones Industrial Average +13.0% YTDRussell 2000 +10.1% 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.