Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Thursday's action: Dec. 19, 2019Dow 28376.87 +137.68 (0.49%)Nasdaq 8887.23 +59.48 (0.67%)SP 500 3205.37 +14.23 (0.45%) S&P 500 closes above 3,200 for the first time in a modest advance. All the major indices made new all-time record highs again with the S&P gaining 14 points. The Impeachment news remained a nonevent for the markets. News to keep in mind Friday morning: Futures trade vs fair value were trading slightly above unchanged late last.Dow +21, S&P +2, Nasdaq +8, Russell +1.The biggest factors in the market right now are; the Global Economy, China trade deals, Fed speak, and the US Treasury markets.Keeping an eye on the VIX - The CBOE Volatility Index is down under 13, this is a full risk on level.CHINA TRADE WAR is still something to be aware of and can create instant volatility.Today's Economic Calendar:8:30 AM: Gross Domestic Product, 3rd quarter 2019 (Third estimate). The consensus is that real GDP increased 2.1% annualized in Q3, unchanged from the second estimate of GDP. 10:00 AM: Personal Income and Outlays for November. The consensus is for a 0.3% increase in personal income, and for a 0.4% increase in personal spending. And for the Core PCE price index to increase 0.1%. 10:00 AM: University of Michigan's Consumer sentiment index (Final for December). The consensus is for a reading of 99.2. 10:00 AM: State Employment and Unemployment (Monthly) for November 2018 11:00 AM: the Kansas City Fed manufacturing survey for December.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 higher and made new all-time highs on Thursday. The charts stay almost exactly the same. The good news is, at the bottom right of the chart, a bunch of high volume positive days are showing. This good volume while the market is going up is a confirmation of the bullish trend and that it should continue. The one negative we have is the Stochastics which are reading overbought. This is a short term oscillator, so we could see a brief pullback or consolidation of the recent gains. We would be inclined to buy the dips currently as long as support levels are held. Also we would use these support levels as 'stops' for some of our positions. We have the last breakout point at SPY 314 as a possible support level to watch. Everything still looks like a continued drift sideways and/or higher. We still will use some caution due to being over the top of the uptrend channel shown on the 9-month chart. [Repeated] We still view 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 the 20, 50, 200 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. [/Repeated] The Vix has drifted back down to a very low level, which is full risk on for the markets. The MACD is positive. The Stochastics are overbought. The Money Flow is 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 (308.32)(+.59) and the 200-day MA (293.54)(+.25) On the 9-month chart below, we remain in a wide uptrend channel that has lasted now for 6 months! Caution though as we are above the upper trend line now, which is an overbought look. Nasdaq Composite +33.9% YTDS&P 500 +27.9% YTDRussell 2000 +23.6% YTDDow Jones Industrial Average +21.7% YTD $DIA $SPY $QQQ $IWM $SPX 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.