Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Wednesday's action: Dec. 18, 2019Dow 28239.19 -27.88 (-0.10%)Nasdaq 8827.75 +4.38 (0.05%)SP 500 3191.14 -1.38 (-0.04%) The stock market closed little changed in another tight-ranged trading day. News to keep in mind Thursday morning: Futures trade vs fair value were trading slightly above unchanged late last.Will the impeachment move the markets? We are guessing not, as the Senate most likely will dismiss it.Dow +11, S&P +2, Nasdaq +7, Russell -1.The biggest factors in the market right now are; the Global Economy, China trade deals, Fed speak, and the US Treasury markets.Keep an eye on the VIX - The CBOE Volatility Index is down under 13, this is a full risk on level.CHINA TRADE WAR is still something to be aware of and can create instant volatility.Today's Economic Calendar:8:30 AM ET, The initial weekly unemployment claims report will be released. The consensus is for 224,000 initial claims, down from 252,000 last week. 8:30 AM, the Philly Fed manufacturing survey for December. The consensus is for a reading of 8.0, down from 10.4. 10:00 AM, Existing Home Sales for November from the National Association of Realtors (NAR). The consensus is for 5.45 million SAAR, down from 5.46 million.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 near unchanged on Wednesday, the charts stay almost exactly the same. The only thing that sticks out is a weakness in the Money Flow. It is still positive, but has had a slight decline. The Stochastics are still reading high/overbought. This is a short term oscillator, so we could see a brief pullback or consolidation of the recent gains. We would be inclined to buy the dips currently as long as support levels are held. Also we would use these support levels as 'stops' for some of our positions. We have the last breakout point at SPY 314 as a possible support level to watch. Everything still looks like a continued drift. We still will use some caution due to being over the top of the uptrend channel shown on the 9-month chart. [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 to a very low level, which is full risk on for the markets. The MACD is positive. The Stochastics are high/overbought. 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 (307.73)(+.63) and the 200-day MA (293.29)(+.23) On the 9-month chart below, we remain in a wide uptrend channel. Caution though as we are above the upper trend line now, which is an overbought look. Nasdaq Composite +33.0% YTDS&P 500 +27.3% YTDRussell 2000 +23.2% YTDDow Jones Industrial Average +21.1% 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.