SPY Charts and some Technical Analysis Previous market day....(click here)... Dow +1048.86 at 21237.38, Nasdaq +430.19 at 7334.14, S&P +143.06 at 2529.19 News to keep in mind Wednesday morning: Futures trade vs fair value were trading lower late last night. Still unpredictable!...... Virus news mostly.Dow -830, S&P -110, Nasdaq -320, Russell -58.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: 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.8:30 AM, Housing Starts for February. The consensus is for 1.500 million SAAR, down from 1.567 million SAAR.During the day, The AIA's Architecture Billings Index for February (a leading indicator for commercial real estate). 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 charts mean a bit less currently as the Coronavirus news is in the headlines and can spark fears. * The markets bounced higher on Tuesday. BUT, as it has been for awhile now the futures are down a lot for the next day. 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. * Still Not much new to say with our charts for awhile, until some sort of SANITY returns to the markets. * We have not found a bottom or some kind of support yet. SO for now the market will be a casino like environment, fairly close to outright gambling. We did see a possibility of SPY 250 becoming a support / bottom for the markets. We dropped below that Monday, and went back above it on Tuesday. But the current futures overnight puts us back below it. So as we said don't hold your breath waiting for a support level to be finally found. CHANGES: The MACD continues its drop.We continue to break any support levels we put out. POSITIVES: We are extremely oversold.Even with all the huge selling days the Money Flow has not collapsed. 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 Money Flow is negative.The 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 still holding up (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 negative. MA +/-: The 50-day MA (316.17)(-1.39) and the 200-day MA (302.62)(-0.09) 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 had seen a possibility of a 250 area for support. Still going to give that area a chance. 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.