Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: Oct. 15, 2019Dow 27024.80 +237.44 (0.89%)Nasdaq 8148.71 +100.06 (1.24%)SP 500 2995.68 +29.53 (1.00%) The S&P 500 gained 29 points on Tuesday, as JPMorgan Chase ($JPM 119.96, +3.51, +3.0%), UnitedHealth ($UNH 238.59, +18.00, +8.2%), and Johnson & Johnson ($JNJ 132.84, +2.12, +1.6%) started off the third quarter earnings season with better-than-expected results. News to keep in mind Wednesday morning: Futures trade vs fair value were slightly lower late last night... Dow -22, S&P -3, Nasdaq -8, Russell -1.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:7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. 8:30 AM, Retail sales for September will be released. The consensus is for a 0.3% increase in retail sales. 10:00 AM, The October NAHB homebuilder survey. The consensus is for a reading of 68, unchanged from 68 in September. Any number above 50 indicates that more builders view sales conditions as good than poor. 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 Tuesday with a positive change to our charts. The MACD is heading upwards and is now showing a positive cross up. We are now above our 294 resistance/support level. Now that it has been 3 days above 294 we will consider it a support level once 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. We expected volatility to stay somewhat elevated 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 (292.84)(+.32) and the 200-day MA (283.20)(+.27) 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 +22.8% YTDS&P 500 +19.5% YTDDow Jones Industrial Average +15.9% YTDRussell 2000 +13.0% 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.