Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Wednesday's action: Oct. 16, 2019Dow 27001.98 -22.82 (-0.08%)Nasdaq 8124.19 -24.52 (-0.30%)SP 500 2989.69 -5.99 (-0.20%)Stocks ended slightly lower on Wednesday, as traders weighed negative macro news against another set of mostly positive earnings results. The S&P 500 dropped just about 6 points. News to keep in mind Thursday morning: Futures trade vs fair value were mixed late last night. IBM weighing on the Dow and Netflix boosting the Nasdaq. Dow -12, S&P +2, Nasdaq +20, Russell +0.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 dropped under 14. This is a level at which usually means risk on.CHINA TRADE WAR is still an ongoing drama! Over and over again.... Today's Economic Calendar:8:30 AM, Housing Starts for September. The consensus is for 1.300 million SAAR, down from 1.364 million SAAR.8:30 AM, The initial weekly unemployment claims report will be released. The consensus is for 215,000 initial claims, up from 210,000 last week.8:30 AM, the Philly Fed manufacturing survey for October. The consensus is for a reading of 7.1, down from 12.0.9:15 AM, The Fed will release Industrial Production and Capacity Utilization for September. The consensus is for a 0.2% decrease in Industrial Production, and for Capacity Utilization to decline to 77.8%. 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 slightly lower on Wednesday with no changes to our charts. The MACD is heading upwards and is showing a positive cross up. We are still above 294 and we will now consider it a support level again. We are still in the 294-300 trading range, although we may make an attempt to push over 300 this week or next. But as always lately keep an eye on the trade headlines, political news, etc. The Vix is under 15, but we still expect some volatility to stay with us as long as trade discussions, political news, and tweets can change the market's temper in a second. On a positive for the markets, the Fed is starting a QE type program which could help inflate stocks. Still, we would still be using caution and taking some profits (on a case by case basis depending on your own risk tolerance). We also would take a few new starter size positions in names beaten down or offering good value (also depends on your own risk tolerance). The MACD is positive after a crossing up. The Stochastics are neutral/high. The Money Flow is negative, but oversold. We are above the 50-day MA. The 50-day MA (293.08)(+.24) and the 200-day MA (283.46)(+.26) On the 9-month chart below, we are in a large trading range of 282 to 300 featuring what appears to be a double top. Can we break above that 300 level? Nasdaq Composite +22.4% YTDS&P 500 +19.3% YTDDow Jones Industrial Average +15.8% YTDRussell 2000 +13.1% 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.