Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Friday's action: Nov. 29, 2019Dow 28051.32 -112.59 (-0.40%)Nasdaq 8665.46 -39.70 (-0.46%)SP 500 3140.98 -12.65 (-0.40%) The S&P 500 dropped 12 points Friday on a low volume holiday trading session with the markets closing early. News to keep in mind Monday morning: Futures trade vs fair value was trading higher late last night on positive economic news out of China. Maybe the global economy is not as bad as feared.Dow +115, S&P +13, Nasdaq +42, Russell +5.The biggest factors in the market right now are; the Global Economy, China trade talks, Fed speak, and the US Treasury markets.Keep an eye on the VIX - The CBOE Volatility Index is under 13, this is a risk on level. Very low reading.CHINA TRADE WAR is still something to be aware of. Today's Economic Calendar: 10:00 AM, ISM Manufacturing Index for November. The consensus is for 49.2%, up from 48.3%. The PMI was at 48.3% in October, the employment index was at 47.7%, and the new orders index was at 49.1%. 10:00 AM, Construction Spending for October. The consensus is for 0.4% increase in spending. 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 ended a bit lower on Friday, as we expected as this market needed a day to rest. On the 9-month chart we were above the upper channel line and needed to pause a bit. We did get a 1 day pause and that maybe all we get as the futures for Monday morning are positive. We got some good economic news from China and apparently U.S. retail sales for Black Friday and the weekend went well. The Money Flow remains very positive as we remain well above any of our support levels. In fact, 310 has been added as a possible level of support. We have very little change to the charts Friday and we sit just below the all-time highs again. Maybe more new highs on the way? The current set-up under 'normal conditions' is still telling us we should continue to move sideways or up. We notice the 20, 50, and 200 day moving averages are all in alignment and are all moving higher. The current price is also above all three MAs, which is good. BUT - Keep in mind and how far we have risen and how fast we have gotten this high, a bit of caution is needed. Although at the same time, there is nothing saying we won't just keep drifting to new highs for the rest of the year and start of the next. As we previously written, you can let winners run, but we would not use excessive margin or open any new large positions. The Vix is under 13, which is risk on for the markets. The MACD is positive. The Stochastics are neutral/high. The Money Flow is very positive. We are above the 50-day MA. The 20,50,200 day moving averages are in a positive alignment and heading higher. The 50-day MA (302.37)(+.29) and the 200-day MA (290.69)(+.22) On the 9-month chart below, we have broken out to new highs with the previous tops line near 302.50 marked as our support level. We remain in an uptrend channel, but be aware at the top end of the channel. use caution as we have poked above the top of the channel, in many cases we bounce back down into the channel. Nasdaq Composite +30.6% YTDS&P 500 +25.3% YTDRussell 2000 +20.5% YTDDow Jones Industrial Average +20.3% YTD $DIA $SPY $QQQ $IWM 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.