Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Thursday's action: August 22, 2019Dow 26252.22 +49.51 (0.19%)Nasdaq 7991.41 -28.82 (-0.36%)SP 500 2922.95 -1.48 (-0.05%)The stock market ended mixed on Thursday, as weak U.S. manufacturing data and reservations from a few Fed officials contributed to some indecisiveness. The S&P 500 lost 1 point in a low volume trading session. News to keep in mind Friday morning: Futures trade vs fair value were higher late last night... Dow +71, S&P +9, Nasdaq +34, Russell +5.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 under 17. It is still a bit high, but has come down to a non-panic level. If it can drop back under 15, that could be the green light that more risk can be put on/buying again.CHINA TRADE WAR is still an ongoing drama!Caution as a few Fed officials say they don't want to cut rates again... Today's Economic Calendar: All day Jackson Hole symposium 10 am Jerome Powell speaks 10 am New home sales JulyTHE 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 mixed on Thursday, which did not change the charts much. The MACD is still negative, but is now curling upwards and an upward cross is in progress. The 294 resistance level held us down again, signalling fairly strong pressure at that level. 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 still staying cautious, but more optimistic than last week. (Meaning not starting any new large long positions, taking some profits.) Our strong support is at 282 now. The 294 level shows up as a point of strong resistance just above where we are now. We are still in a 282-294 trading range, with a midpoint line at 288. My current opinion is we are range bound until some certainty/direction is seen. So we are in a 282-294 range inside of a larger 280-300 range. On the next pullback or pause we will look to see if 288 could become a support level. Or can we break out above 294? * Look for the MACD to bottom, that would mark a good buying point. * (4 days ago). The MACD is negative, but crossing upwards. The Stochastics are neutral/high. The Money Flow is positive. The 50-day MA (294.18)(+.10) and the 200-day MA (278.09)(+.13) 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 +20.4% YTDS&P 500 +16.6% YTDDow Jones Industrial Average +12.5% YTDRussell 2000 +11.7% 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.