SPY Charts and some Technical Analysis Recap of the previous market day.... (click here).... Dow -128.05 at 29219.89, Nasdaq -66.21 at 9751.00, S&P -12.92 at 3373.23 News to keep in mind Friday morning: Futures trade vs fair value were trading lower late last night. More virus fears / Still short-term Stochastics overbought.Dow -103, S&P -13, Nasdaq -45, Russell -6.The biggest factors in the market right now are; Coronavirus headlines, the Fed, the Global Economy and Global Geopolitical conflicts.Keeping an eye on the VIX - the CBOE Volatility Index is in the mid-teens, normally a 'risk-on' level. The Vix and the market will be at risk for coronavirus headline fears. Today's Economic Calendar: 10:00 AM, Existing Home Sales for January from the National Association of Realtors (NAR). The consensus is for 5.45 million SAAR, down from 5.54 million. Housing economist Tom Lawler expects the NAR to report sales of 5.42 million SAAR. 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 were lower on Thursday in action which included a fairly large intraday dip. The market did manage to buy some of the dip, but still ended lower on the day. Blame coronavirus fears and a short-term overbought condition with the Stochastics. CHANGES: We added a tight stop/minor support line at 332. POSITIVES: We are above the 20-day, 50-day, and 200-day moving averages.All 3 MAs are also in the proper alignment and headed in an upward direction. This is bullish.The MACD is positive.The Money Flow is positive. NEGATIVES: The Stochastics are high / overbought.We may have risen to far/to quickly.Not a technical indicator - Coronavirus fears and uncertainty. OPINION: Longer-term bullish. Shorter-term medium bullish, but using some caution. We are susceptible to some pullbacks or dips. We will keep using some caution as the coronavirus is not cured and we may have risen to new highs to fast. We would still buy the dips if any occur.The U.S. economy is still doing well. Using some caution: * Meaning - we would not use excessive margin at this time. * VIX: Spikes a bit on virus fears, but is still the mid-teens. This is a 'Risk-On' level. INDICATORS: The MACD is positive. The Stochastics are high / overbought. The Money Flow is positive. MA +/-: The 50-day MA (326.13)(+0.47) and the 200-day MA (301.57)(+0.24) On the 9-month chart below, we are now looking at a rising wedge pattern. Use caution as we are currently near the upper trend line, which is a high or overbought look. In many cases we stay in the channel either by pullbacks or by going sideways until the upper trend line catches up or a new pattern emerges. 320 is marked as a support level. 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.