Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: Dec. 3, 2019Dow 27502.72 -280.23 (-1.01%)Nasdaq 8520.64 -47.34 (-0.55%)SP 500 3093.20 -20.67 (-0.66%) The S&P 500 dropped 20 points on Tuesday. Stocks close lower, but off the lows, after President Trump says it might be better to wait until after 2020 election for U.S.-China trade deal. News to keep in mind Wednesday morning: Futures trade vs fair value was trading just above unchanged late last night.Dow +1, S&P +0, Nasdaq +5, Russell +3.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 near 16, this is a neutral level.CHINA TRADE WAR is still something to be aware of and can create instant volatility. Today's Economic Calendar:7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. 8:15 AM, The ADP Employment Report for November. This report is for private payrolls only (no government). The consensus is for 140,000 jobs added, up from 125,000 in October. 10:00 AM, the ISM non-Manufacturing Index for November. The consensus is for a decrease to 54.5 from 54.7. 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 Tuesday, as we received negative trade war headlines. Are possible support level marked at 310 did not hold today, but we are leaving it on the chart as a good reference point. We almost expect to recover and get back above 310 later in the week. We shall see, if not 304 is the next level to look at. We still view the current set-up under 'normal conditions' is still 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 the 50 and 200 MAs, which is good. BUT - Keep in mind and how far we have risen and how fast we have gotten this high, 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. The Vix did spike up again on Tuesday, but that has only brought it to neutral reading just under 16. The MACD is positive, but declining. The Stochastics are neutral. The Money Flow is 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 (302.87)(+.23) and the 200-day MA (291.05)(+.17) On the 9-month chart below, we remain in an uptrend channel. Nasdaq Composite +28.4% YTDS&P 500 +23.4% YTDRussell 2000 +18.8% YTDDow Jones Industrial Average +17.9% YTD $DIA $SPY $QQQ $IWM 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.