Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: Nov. 26, 2019 Dow 28121.59 +55.21 (0.20%)Nasdaq 8647.92 +15.44 (0.18%)SP 500 3140.52 +6.88 (0.22%) The stock market extended its record run on Tuesday, with the S&P 500 (+0.2%), Dow Jones Industrial Average (+0.2%), and Nasdaq Composite (+0.2%) also closing near their session highs. The S&P finished up 6 points. News to keep in mind Wednesday morning: Futures trade vs fair value were slightly higher late last night.Dow +36, S&P +5, Nasdaq +21, Russell +3.The biggest factors in the market right now are; the Global Economy, China trade talks, Fed speak, and the US Treasury markets.Keep an eye on the VIX - The CBOE Volatility Index is under 13, this is a risk on level. Very low reading.CHINA TRADE WAR is still something to be aware of. 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, The initial weekly unemployment claims report will be released. The consensus is for 219,000 initial claims, down from 227,000 last week. 8:30 AM, Gross Domestic Product, 3nd quarter 2018 (Second estimate). The consensus is that real GDP increased 1.9% annualized in Q3, unchanged from the advance estimate of GDP. 8:30 AM, Durable Goods Orders for October from the Census Bureau. The consensus is for a 0.7% decrease in durable goods orders. 9:45 AM, Chicago Purchasing Managers Index for November. 10:00 AM, Personal Income and Outlays for October. The consensus is for a 0.3% increase in personal income, and for a 0.3% increase in personal spending. And for the Core PCE price index to increase 0.2%. 10:00 AM, Pending Home Sales Index for October. The consensus is for a 0.2% increase in the index. 2:00 PM, the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts. 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 again on Tuesday making new all-time highs. There are very little changes to the charts today. We would expect a slight drift higher Wednesday before the Thanksgiving holiday on lower volume. [Repeated] The MACD leveled off after a little dip and is still a positive. The Money Flow remains very positive and we are no longer overbought on the Stochastics. We remain well above any of our support levels. In fact, 310 acted as a bit of a support level the last few days. The current set-up under 'normal conditions' is 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 all three MAs, which is good usually. 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. The Vix is under 13, which is risk on for the markets. The MACD is positive. The Stochastics are neutral. The Money Flow is very 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 (301.77)(+.30) and the 200-day MA (290.25)(+.22) On the 9-month chart below, we have broken out to new highs with the previous tops line near 302.50 acting as our support level. We remain in an uptrend channel, but be aware near the top end of the channel. Nasdaq Composite +30.3% YTDS&P 500 +25.3% YTDDow Jones Industrial Average +20.6% YTDRussell 2000 +20.4% YTD