Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: Dec. 17, 2019Dow 28267.07 +31.27 (0.11%)Nasdaq 8823.37 +9.13 (0.10%)SP 500 3192.52 +1.07 (0.03%) The indices closed at new record highs again, but barely and in a lackluster trading day. S&P 500 gained 1 points as it barely moved. There was good economic news Tuesday with better-than-expected housing starts, building permits, and industrial production for November. News to keep in mind Wednesday morning: Futures trade vs fair value were trading around unchanged late last.FedEx was down after hours after reporting dismal earnings and outlook. $FDXDow +1, S&P -2, Nasdaq -1, Russell -2.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:7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.During the day: The AIA's Architecture Billings Index for November (a leading indicator for commercial real estate).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 very slightly higher on Tuesday making new all-time highs again! There was only a minor change to our chart today. The Stochastics are now 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 higher. 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 (307.10)(+.53) and the 200-day MA (293.06)(+.22) 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 +27.4% YTDRussell 2000 +22.9% YTDDow Jones Industrial Average +21.2% 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.