Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Wednesday's action: Jan. 8, 2020Dow 28745.00 +161.41 (0.56%)Nasdaq 9129.27 +60.66 (0.67%)SP 500 3253.05 +15.87 (0.49%) The stock market closed higher as the S&P 500 and the Nasdaq set new highs. The market overcame overnight drops in the futures on Iran's retaliation/missile attack news. The market recovered and headed higher as it was relieved that there were no American casualties and President Trump implicated economic countermeasures instead of military ones. News to keep in mind Thursday morning: Futures trade vs fair value were trading higher late last night. Maybe cooler heads prevailed?Dow +60, S&P +8, Nasdaq +15, Russell +4.The biggest factors in the market right now are; Iran vs U.S., the Fed, the Global Economy and Global Geopolitical conflicts.Keeping an eye on the VIX - The CBOE Volatility Index is still under 15, this is a risk on level. But may spike on any war news/headlines obviously.CHINA TRADE news is still something to be aware of and can create instant volatility.Middle East tensions are going to be higher and in the headlines. Today's Economic Calendar:8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for 222,000 initial claims, unchanged from 222,000 last week. 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.) * Read note above again. This is especially true with news headlines that we could be seeing now. * The markets ended higher on Wednesday as after a dip in the overnight futures due to the Iran missile attacks. After all said and done the were no real changes to the charts. The Money Flow remained positive while the Stochastics and the MACD stayed flat or neutral. Our support levels remain about the same, with the first support level being marked at 320. This level could be used as a 'stop' for some positions if you have a low risk tolerance. Much stronger support is at 310. [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 is a bit more active due to the geopolitical events, but is still low enough to be considered in a 'risk-on' area. The MACD is positive. The Stochastics are neutral. 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 (312.94)(+0.48) and the 200-day MA (294.90)(+0.25) On the 9-month chart below, we remain in a wide uptrend channel that has lasted now for 6 months! Caution though as we are above the upper trend line now, which is an overbought look. In many cases we drop back down into the channel either by a pullback or by going sideways until under the upper trend line. Nasdaq Composite +1.8% YTDS&P 500 +0.7% YTDDow Jones Industrial Average +0.7% YTDRussell 2000 -0.3% 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.