Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Monday's action: Jan. 6, 2020Dow 28703.29 +68.50 (0.24%)Nasdaq 9071.49 +50.70 (0.56%)SP 500 3246.28 +11.43 (0.35%) The stock market closed a bit higher as stocks staged an intraday rebound and finished near session highs. Google/ Alphabet ($GOOG) led large-cap stocks higher on an analyst upgrade. News to keep in mind Tuesday morning: Futures trade vs fair value were trading just above unchanged late last night.Dow +8, S&P +2, Nasdaq +7, Russell +1.The biggest factors in the market right now are; the Fed, the Global Economy and Global Geopolitical conflicts.Keeping an eye on the VIX - The CBOE Volatility Index is still under 15, this is a risk on level.CHINA TRADE news is still something to be aware of and can create instant volatility.Middle East tensions are going to be higher and in the headlines. Today's Economic Calendar: 8:30 AM ET, Trade Balance report for November from the Census Bureau. The consensus is the trade deficit to be $43.9 billion. The U.S. trade deficit was at $47.2 billion in October. 10:00 AM, the ISM non-Manufacturing Index for December. The consensus is for a decrease to 58.4 from 60.7. Early, Reis Q4 2019 Mall Survey of rents and vacancy rates. 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 a bit higher on Monday as the market's dip was bought throughout the day. Due to the dip buying the Money Flow remained positive and has gained some upward momentum. We do change our support levels a bit. We have raised the first possible support level to 320 and then 317.50. These levels could be used as 'stops' for some positions depending on your risk tolerance. [Repeated] We still view the current set-up under 'normal conditions' is still 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 the 20, 50, 200 MAs, which is good. BUT - 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. [/Repeated] The Vix is a bit higher due to the geopolitical events, but is still low enough to be considered in a 'risk-on' area. The MACD is positive. The Stochastics are neutral. The Money Flow is 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 (311.98)(+0.50) and the 200-day MA (294.41)(+0.21) On the 9-month chart below, we remain in a wide uptrend channel that has lasted now for 6 months! Caution though as we are above the upper trend line now, which is an overbought look. In many cases we drop back down into the channel. Nasdaq Composite +1.1% YTDDow Jones Industrial Average +0.6% YTDS&P 500 +0.5% YTDRussell 2000 -0.3% YTD $DIA $SPY $QQQ $IWM 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.