Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Wednesday's action: Oct. 2, 2019Dow 26078.62 -494.42 (-1.86%)Nasdaq 7785.25 -123.44 (-1.56%)SP 500 2887.65 -52.64 (-1.79%) The S&P 500 dropped 52 points on Wednesday, as growth concerns continued to force investors to reassess earnings and valuations. Many traders took risk off as they worry about global weakness. News to keep in mind Thursday morning: Futures trade vs fair value was near unchanged late last night... Dow +1, S&P -1, Nasdaq -4, Russell +0.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 up in the low 20s now after jumping 10% Wednesday. This is a level at which usually means it is a cautious environment, but not a panic.CHINA TRADE WAR is still an ongoing drama! Today's Economic Calendar: At 8:30 AM ET, The initial weekly unemployment claims report will be released. The consensus is for 215,000 initial claims, up from 213,000 last week.At 10:00 AM, the ISM non-Manufacturing Index for September.At 10:00 AM, Factory orders for AugustEarly, Reis Q3 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 took a dive again on Wednesday, with a few more negative changes to the charts. We are now feeling around for where the new trading range will be. Our old support line of 294 is now being treated a resistance. The strong support level of 282 will be our line in the sand that should hold if tested. So our new large range of 282-294 is shown, with a mid-point fighting line at 288.We would be using caution and taking some profits (on a case by case basis depending on your own risk tolerance). Also taking a few new starter size positions in names beaten down or offering good value, maybe a good bet for a possible break out to the upside (also depends on your own risk tolerance). The MACD is declining after crossing down. The Stochastics are neutral/low. The Money Flow is negative, but appears oversold. We are below the 50-day MA. The 50-day MA (293.24)(-.22) and the 200-day MA (280.94)(+.17) On the 9-month chart below, the last pattern of a uptrend channel was broken to the downside on Wednesday. Now we have a trading range of 282 to 302. Nasdaq Composite +17.3% YTDS&P 500 +15.2% YTDDow Jones Industrial Average +11.8% YTDRussell 2000 +9.7% 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.