Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Thursday's action: Oct. 17, 2019Dow 27025.88 +23.90 (0.09%)Nasdaq 8156.86 +32.67 (0.40%)SP 500 2997.95 +8.26 (0.28%) The S&P 500 gained 8 points on Thursday, as traders remained relatively upbeat following another batch of decent earnings reports and news of a draft Brexit deal. The S&P closed just under the big 3,000 mark. News to keep in mind Friday morning: Futures trade vs fair value were slightly lower late last night. Dow -4, S&P -2, Nasdaq -13, 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:10 am Leading economic indicators Sept. 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 higher on Thursday with little change to our charts. The Stochastics have gotten up to high/overbought. At the same time though the MACD is now going positive. We are still above our 294 support level and still just can't break over 300. So 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 14, 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. 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 high/overbought. The Money Flow is negative, but oversold. We are above the 50-day MA. The 20,50,200 day moving averages are in alignment. The 50-day MA (293.33)(+.25) and the 200-day MA (283.72)(+.32) 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 +22.9% YTDS&P 500 +19.6% YTDDow Jones Industrial Average +15.9% YTDRussell 2000 +14.3% 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.