Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Thursday's action: Oct. 3, 2019Dow 26201.04 +122.42 (0.47%)Nasdaq 7872.27 +87.02 (1.12%)SP 500 2910.67 +23.02 (0.80%) The S&P 500 dropped as much as 1.1% on Thursday morning after the ISM Non-Manufacturing Index for September came in weaker than expected, but the market quickly bounced back while rate-cut expectations increased. The S&P 500 ended up 23 points on the day. News to keep in mind Friday morning: Futures trade vs fair value were slightly lower late last night... Dow -26, S&P -4, Nasdaq -13, Russell -3.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 up in the high teens (19s) now after rising this week. This is a level at which usually means it is a bit cautious, but not in a panic.CHINA TRADE WAR is still an ongoing drama! Today's Economic Calendar: 8:30 AM: Employment Report for September. The consensus is for 145,000 jobs added, up from 130,000 in August (including temporary Census hires). The consensus is the unemployment rate will be unchanged at 3.7%.8:30 AM: Trade Balance report for August from the Census Bureau. The consensus is for the deficit to be $54.5 billion in August, from $54.0 billion in July.2:00 PM: Speech, Fed Chair Jerome Powell, Opening Remarks, At Fed Listens: Perspectives on Maximum Employment and Price Stability, Federal Reserve Board, Washington, D.C. 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 the day Thursday, with a recovery from an early morning dive. No real changes to the charts, except a possible support level at 288 seems more possible now. We are now trading around looking for where a new trading range will be. The old support line of 294 is now being used a resistance, with a possible support line being drawn in at 288. Giving us a new small range of 288 to 294 inside of a large 282-300 range. (Repeating....) We would be using caution and taking some profits (on a case by case basis depending on your own risk tolerance). Also taking a few new starter size positions in names beaten down or offering good value (also depends on your own risk tolerance). The MACD is declining after crossing down. The Stochastics are neutral/low. The Money Flow is negative, but appears oversold. We are below the 50-day MA. The 50-day MA (293.05)(-.19) and the 200-day MA (281.14)(+.20) On the 9-month chart below, the last patterns are null and void and we are in a large trading range of 282 to 302. Nasdaq Composite +18.6% YTDS&P 500 +16.1% YTDDow Jones Industrial Average +12.3% YTDRussell 2000 +10.2% 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.