Brief Recap and Updates on the MarketsSPY Charts and some Technical AnalysisIn Wednesday's action: Stocks tumbled lower following a technical breach on Wednesday as bond yields held steady at multi-year highs and continued concerns about economic and earnings growth prospects. News to keep in mind Thursday morning: Markets are lower in pre-market tradingAt 5:35am ET - Dow futures vs fair value: -360.00. S&P futures vs fair value: -36.00. Nasdaq futures vs fair value: -93.50. Russell 2000 futures vs fair value: -23.50.Keep an eye out for any trade headlines or political risksKeep an eye on the VIXThe 10-year yield has caused some trouble Today's Economic Calendar:8:30 Initial Jobless Claims8:30 Consumer Price Index10:30 EIA Natural Gas Inventory11:00 EIA Petroleum Inventories1:00 PM Results of $15B, 30-Year Note Auction2:00 PM Treasury Budget4:30 PM Money Supply4:30 PM Fed Balance SheetThe SPY charts are pictured below. The first is a 4-month chart followed by a longer-term 9-month chart. The markets were much lower on Wednesday as traders are still worried about the rising treasury yields. The MACD lines are currently negative. The Stochastics are low/oversold. The Money Flow is currently a negative. Big down day yesterday and currently futures are lower. I am expecting some kind of bounce and support to be found, but don't know exactly where or when. I am a bit cautious about the negative money flow, keeping an eye on it. With the big declines in the market it appears we have put in a significant top around 292/293.On the 9-month chart, a nice channel since April has been shown. This trend/pattern has been broken to the downside. The next level of support may come around 275.Nasdaq Composite +7.5% YTDS&P 500 +4.2% YTDDow Jones Industrial Average +3.6% YTDRussell 2000 +2.6% YTDDisclosure: 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. Follow us and check back occasionally for additional articles or comments. With our Daily Trackdowns, additional analysis/observations during the trading day in the comments by us or our readers.