Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Thursday's action: Sept. 5, 2019 Dow 26728.13 +372.68 (1.41%)Nasdaq 8116.86 +139.95 (1.75%)SP 500 2976.00 +38.22 (1.30%)The stock market rallied for the second straight day on Thursday, lifted up by news that the U.S. and China will hold trade talks next month and by some positive economic data that lessened recessionary concerns. The S&P 500 rose 38 points as better-than-expected factory orders and non-manufacturing activity for August boosted some risk-on sentiment. News to keep in mind Friday morning: Futures trade vs fair value were slightly higher late last night... Dow +48, S&P +3, Nasdaq +9, Russell +2.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 is now down in the 16s as it dropped again on Thursday. This is a neutral for us, if it goes under 15 that would mean risk is back on.CHINA TRADE WAR is still an ongoing drama! Today's Economic Calendar: 8:30 am Nonfarm payrolls Aug.8:30 am Unemployment rate Aug.8:30 am Average hourly earnings Aug.12:30 pm Jerome Powell speaks 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 Thursday, with more positive changes to the charts. The MACD crossing up and rising and the the 20-day moving average curling upwards and rising are now confirmed. As we said yesterday, usually this is a buy signal for us! We are still cautious due to many macro economic and geopolitical issues, but things are looking better after the last 2 days for sure.We closed back above the 50-day MA. We still reiterate the note above, as the charts mean a bit less when a tweet or news item jolts the market without notice. *Repeating* - Due to MANY different geopolitical concerns / global growth concerns we are remaining cautious. (Meaning not starting any new large long positions, taking some profits). The strong resistance level we had at 294 was decisively broken to the upside today and may now become future support. We will observe and show the previous support and resistance levels, but we now have a new 294-300 trading range. * Look for the MACD to bottom, that could mark a good buying point. * (We stayed cautious, but this turned out to be correct). The MACD is positive/crossed upwards. The Stochastics are neutral/high. The Money Flow is positive. The 50-day MA (294.12)(+.14) and the 200-day MA (278.98)(+.15) On the 9-month chart below, the previous patterns are behind us. Shown now is the support level at 280 and the top just over the 300 level. We are in a 280 to 300 trading range for now. Nasdaq Composite +22.3% YTDS&P 500 +18.7% YTDDow Jones Industrial Average +14.6% YTDRussell 2000 +12.0% 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.