SPY Charts and some Technical Analysis Recap of the previous market day.... (click here).... Dow +1173.45 at 27090.86, Nasdaq +334.00 at 9018.09, S&P +126.75 at 3130.12 News to keep in mind Wednesday morning: Futures trade vs fair value were trading a bit lower late last night. Still unpredictable... Pullback a bit after Wednesday's huge rally most likely.Dow -220, S&P -29, Nasdaq -86, Russell -14.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 due to virus fear and fear of economic fallout due to the virus. When the Vix peaks, the market bottoms. Today's Economic Calendar: 8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for 220 thousand initial claims, up from 219 thousand the previous week.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 had a big day higher! So did we find a bottom or some kind of support? We had marked 297 on this chart as a new support level two days ago and with the big rally it has held so far. Our indicators are starting to improve as the MACD is not dropping as much and the Money Flow is up to a neutral level. We are still under the 50-day moving average (negative). But have jumped back above the 200-day moving average (positive). Staying over the 200-day is an important widely used technical indicator. CHANGES: The MACD continued its drop, but appears to be bottoming.We rose back over the 200-day moving average.Our support level at 297 has held for 2 days now. POSITIVES: We jumped back above the 200-day moving average!The Stochastics have bottomed.The Money Flow has risen back to a neutral.We stayed above our 297 support level. NEGATIVES: The MACD is declining.We are under the 50-day moving average.The 50-day moving average is declining.OPINION: Short-term using caution, maybe defensive. Longer-term is starting to look good again.But - We are susceptible to large pullbacks or dips and could see increased volatility.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 in individual stocks that we favor which become very oversold.The U.S. economy is still holding up well. We must keep an eye on how the virus might slow it down and how by much.After any big sell-offs or dips - look for names that are oversold to buy. Have your trade list ready. * Currently some of the market action is "unpredictable or irrational". Keep that in mind if trading. * Using some caution: * Meaning - Do not use margin at this time. * VIX: Spikes on virus fears! Expect possible price swings. If the market has truly found a bottom or support the Vix will start coming back down. INDICATORS: The MACD is negative. The Stochastics are neutral. The Money Flow is neutral. MA +/-: The 50-day MA (325.21)(-0.13) and the 200-day MA (302.87)(+0.15) On the 9-month chart below, we were looking at a severe and quick drop of the market and a rebound attempt. All previous patterns were broken and voided. Next step is to see if some sort of support level actually holds. We now mark 297 as our next line in the sand. So far we are holding above it and looking to see if we make higher levels support next. Continue to use caution as we deal with the breaking down of the previous chart patterns. 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.