Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: Jan. 14, 2020Dow 28939.58 +32.62 (0.11%)Nasdaq 9251.35 -22.60 (-0.24%)SP 500 3283.15 -4.98 (-0.15%) The stock market was mixed on Tuesday as the S&P 500 dropped about 5 points. The start of earnings season created movement for those reporting results. The day started with JPMorgan Chase ($JPM 138.80, +1.60, +1.2%), Citigroup ($C 81.91, +1.26, +1.6%), and Delta Air Lines ($DAL 61.45, +1.96, +3.3%) providing investors with better-than-expected earnings results, while Wells Fargo ($WFC 49.32, -2.79, -5.4%) missed top and bottom-line estimates due to higher expenses. News to keep in mind Wednesday morning: Futures trade vs fair value were trading a bit lower late last night.Dow -42, S&P -4, Nasdaq -12, Russell -4.The biggest factors in the market right now are; the Fed, the Global Economy and Global Geopolitical conflicts/Iran.Keeping an eye on the VIX - The CBOE Volatility Index is back under 13, this is a risk on level. But may spike on any war news/headlines obviously.CHINA TRADE news is still something to be aware of and can create instant volatility.Middle East tensions could pop up in the headlines. Today's Economic Calendar:7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. 8:30 AM, The Producer Price Index for December from the BLS. The consensus is for a 0.2% increase in PPI, and a 0.2% increase in core PPI. 8:30 AM, The New York Fed Empire State manufacturing survey for January. The consensus is for a reading of 4.0, up from 3.5. 2:00 PM, the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts. 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 mixed on Tuesday with a few earnings reports starting to come in. The change to our charts today are the Stochastics becoming overbought. Besides that short-term overbought reading our biggest concern is seen on the 9-month chart. On that chart we are well over the uptrend line. So we still will stay a bit cautious. Keep in mind we have come up a long way and a pause (sideways) or a pullback could happen at anytime. Our support levels remain the same, with the first support level being marked at 320. This level could be used as a 'stop' for some positions if you have a low risk tolerance. Much stronger support is at 310. [Again] 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. [/Again] The Vix is back top really low numbers in the 12s, normally a full 'risk-on' area. 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 (314.94)(+0.51) and the 200-day MA (295.90)(+0.25) On the 9-month chart below, we remain in an uptrend channel that has lasted now for 7-8 months! Caution though as we are currently above the upper trend line, which is an overbought look. In many cases we drop back down into the channel either by a pullback or by going sideways until under the upper trend line catches up. Nasdaq Composite +3.1% YTDS&P 500 +1.6% YTDDow Jones Industrial Average +1.4% YTDRussell 2000 +0.4% 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.