SPY Charts and some Technical Analysis Recap of the previous market day.... (click here).... Dow -227.57 at 28992.32, Nasdaq -174.37 at 9576.63, S&P -35.48 at 3337.75 News to keep in mind Monday morning: Futures trade vs fair value were trading lower late last night. More virus fears / Doubts about the Chinese economy.Dow -398, S&P -45, Nasdaq -179, Russell -28.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 spiking a bit due to virus fear and fear of economic fallout due to the virus. Today's Economic Calendar: 8:30 AM ET, Chicago Fed National Activity Index for January. This is a composite index of other data. 10:30 AM, Dallas Fed Survey of Manufacturing Activity for February. 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 much lower on Friday, especially the tech stocks and the Nasdaq. The losses over the last two trading days has caused some damage to the charts. The decline in the futures for Monday's open will not help. CHANGES: The MACD is now declining.The Stochastics have dropped down to neutral.We are in danger of breaking below our tight stop/support level. 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 MACD is declining.The last day of trading, (Friday) was a large volume declining day.Previously, we may have risen to far/to quickly.Not a technical indicator - Coronavirus fears and uncertainty. OPINION: Longer-term bullish. Shorter-term using some caution, maybe a bit defensive. We are susceptible to some pullbacks or dips. We will keep using some caution as the coronavirus is not cured and continues to spark fears about an economic slowdown. We would still buy the dips if any occur.The U.S. economy is still doing well (At the moment). Using some caution: * Meaning - we would not use excessive margin at this time. * VIX: Spikes a bit on virus fears. Before Monday's open it was in neutral territory. INDICATORS: The MACD is positive/declining. The Stochastics are neutral. The Money Flow is positive. MA +/-: The 50-day MA (326.55)(+0.42) and the 200-day MA (301.82)(+0.25) On the 9-month chart below, we are now looking at a rising wedge pattern. We have fallen back into the wedge, now the question is do we break down beneath the lower line? This does happen on the majority of rising wedges. So - continue to use caution as we deal with changing chart patterns. The bottom line of our wedge is near 328. Our next level of support is marked at 320 on this chart. 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.