Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Friday's action: August 30, 2019Dow 26403.26 +41.03 (0.16%)Nasdaq 7962.91 -10.51 (-0.13%)SP 500 2926.46 +1.88 (0.06%) The stock market finished near unchanged on Friday in a quiet session before the holiday weekend. The S&P 500 gained 1 point. News to keep in mind Tuesday morning: Futures trade vs fair value were lower late last night on more tariffs... Dow -185, S&P -21, Nasdaq -63, Russell -14.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 still under 20 even though it rose a bit Friday as the. This is still a bit high, but not at a panic level. Caution is still needed.CHINA TRADE WAR is still an ongoing drama! Today's Economic Calendar: 9:45 am Markit manufacturing PMI Aug.10 am ISM manufacturing index Aug.10 am Construction spending July 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 close to unchanged on Friday in another low volume day before the long weekend. There was a small positive changes to the charts. The MACD is now shown as crossing up. BUT the futures are pointing south as more tariffs are an issue. So we have to wait and see for what happens next. Friday was another example of the 294 resistance level of holding its ground and it appears as a strong ceiling for the markets. 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 now. The 294 level is a point of strong resistance just above where we are now. With all the up and downs lately, we are still in a 282-294 trading range, with a midpoint line at 288. My current opinion is we are range bound until some certainty/direction is seen. So we are in a 282-294 range inside of a larger 280-300 range. * 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 flattened out and appears it will start heading higher 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 slightly positive. The 50-day MA (294.03)(-.04) and the 200-day MA (278.58)(+.08) 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 +20.0% YTDS&P 500 +16.7% YTDDow Jones Industrial Average +13.2% YTDRussell 2000 +10.9% 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.