Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Thursday's action: Dec. 12, 2019Dow 28131.96 +220.75 (0.79%)Nasdaq 8717.33 +63.27 (0.73%)SP 500 3168.57 +26.94 (0.86%) The S&P 500 rises almost 27 points. The S&P 500 and the Nasdaq closed at record highs on trade deal optimism. News to keep in mind Friday morning: Futures trade vs fair value was trading higher late last night after it is reported that a Phase 1 trade deal is actually getting done. Also a huge victory in the UK election.Dow +110, S&P +11, Nasdaq +36, Russell +6.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 back to 15, this is a risk on level.CHINA TRADE WAR is still something to be aware of and can create instant volatility.The Dec. 15th so called tariffs deadline is getting closer, leading to some uncertainty and an increase in volatility. Today's Economic Calendar:8:30 AM ET, Retail sales for November will be released. The consensus is for a 0.4% increase in retail sales.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 as it is appearing a trade deal is getting done. There were positive changes to our charts today led by the fact we had a breakout to new all-time highs on strong volume. The MACD and the Money Flow are back to being positive but they are no longer declining. The MACD may cross up Friday or early next week. The 310 support level is definitely confirmed now. The caution we still have though is shown on the 9-month chart. We are trading at a level above the uptrend channel. We would not chase stocks above the channel. [Repeated] 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 20, 50, 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. [/Repeated] The Vix has drifted back down under 15, which is a risk on level. The MACD is positive. 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 (305.53)(+.58) and the 200-day MA (292.42)(+.22) On the 9-month chart below, we remain in a wide uptrend channel. Caution though as we are at the top of the channel, giving us an overbought look. Nasdaq Composite +31.4% YTDS&P 500 +26.4% YTDRussell 2000 +22.0% YTDDow Jones Industrial Average +20.6% 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.