SPY Charts and some Technical Analysis Previous market day....(click here)... Dow +188.27 at 20087.25, Nasdaq +160.73 at 7149.93, S&P +11.29 at 2409.39 News to keep in mind Friday morning: Futures trade vs fair value were trading mixed late last night. Tech was higher. Still unpredictable!.....Dow -57, S&P -6, Nasdaq +33, Russell -9.The biggest factors in the market right now are; Coronavirus headlines, the Oil price war, the Fed, the Global Economy and Global Geopolitical conflicts.Keeping an eye on the VIX - the CBOE Volatility Index is spiking due to virus fear and fear of economic fallout due to the virus. When the Vix peaks, the market bottoms. Today's Economic Calendar: 10:00 AM ET, Existing Home Sales for February from the National Association of Realtors (NAR). The consensus is for 5.50 million SAAR, up from 5.46 million. NOTE: This report is for February, and sales were probably solid. However sales will slow down in March, and are likely to really collapse in April. 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 went slightly higher on Thursday as the coronavirus fears and the economic fallout continues. The oversold condition is still very extreme currently. What we need in order to make a bottom is 2 days in a row or more of gains and for the Vix to start coming down.** NEW: The Money Flow actually went just above the positive line on Thursday and is listed here as 'Neutral' now. This may indicate that some of the big guns were actually buying the panic lows the last few days.* Still Not much new to say with our charts for awhile, until some sort of SANITY returns to the markets. SO for now the market will be a casino like environment, fairly close to outright gambling. Don't hold your breath waiting for a support level to be finally found. But be ready to make some trades when it does. CHANGES: The Money Flow is upped to neutral / slightly positive.The MACD continues its drop.We continue to break any support levels we put out. 240 is next up. POSITIVES: We are extremely oversold.Even with all the huge selling days the Money Flow is holding up. There are some buyers. NEGATIVES: The MACD is declining.We are under the 50-day moving average.The 50-day moving average is declining.We are under the 200-day moving averageThe Vix remains very high.OPINION: Short-term using caution, maybe defensive.We are susceptible to large pullbacks or dips with spikes in volatility.Keep using caution as the Coronavirus is not cured and continues to spark fears about an economic slowdown.The U.S. economy is uncertain. (as far as we are told/know). We must keep an eye on how the virus might slow it down and by how much.After any big sell-offs or dips - look for names that are oversold to buy. Have your trading list ready.We like: $AMRN - Amarin, $AUPH - Aurinia Pharma, $CARA - Cara Therapeutics, $COLL - Collegium, $EPZM - Epizyme, $HZNP - Horizon Pharma, $IMMU - Immunomedics, $KPTI - Karyopharm, $TDOC - Teladoc, $TGTX - TG Therapeutics.All high beta biotech stocks / healthcare stocks, all oversold.Also if the dividend is safe: $T - AT&T are worth a look/grab. * Currently some of the market action is "unpredictable or irrational". Keep that in mind if trading. * Using some caution: * Meaning - Do not use margin at this time. * VIX: Spikes on virus fears! Expect possible price swings. If the market has truly found a bottom or support the Vix will start coming back down. INDICATORS: The MACD is negative. The Stochastics are neutral. The Money Flow is neutral. MA +/-: The 50-day MA (312.50)(-1.65) and the 200-day MA (302.29)(-0.18) On the 9-month chart below, we were looking at a severe and quick drop of the market. All previous patterns are broken and voided. Next step is to see if some sort of support level actually holds. *Still waiting!* We see the possibility of a 240 area for support. Continue to use caution as we deal with the breaking down of the previous chart patterns. 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.