Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Wednesday's action: The S&P 500 gained 16 points on Wednesday, overcoming a lower start that was attributed to concerns about slowing growth. Stocks climbed into positive territory, and extended gains, after reports indicated that President Trump is expected to delay a decision on auto tariffs by up to six months. News to keep in mind Thursday morning: Futures trade vs fair value were slightly lower late last night. Dow -10, S&P -3, Nasdaq -15, Russell -3.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 spiked again Monday, but did not break higher than last weeks highs. On Tuesday and Wednesday the Vix dropped. This is a possible signal the pullback/panic selling is coming to an end.CHINA TRADE WAR is back on - Shaking up the markets again. Today's Economic Calendar: 8:30 am Weekly jobless claims8:30 am Continuing claims8:30 am Housing starts April8:30 am Building permits April8:30 am Philly Fed manufacturing indexQuick Notes: $CSCOAfter hours Cisco was up 3.4% to $54.20 after Q3 results beat estimates. This is a good sign that some tech companies are continuing to do well. THE CHARTS: The markets were a bit higher on Wednesday. The technicals have taken some hits lately. Most notable is the MACD which is in a steep decline now. The Stochastics though appear to have bottomed and ready to cycle higher. We are right back at the 285 level which I had considered support previously. Our next support is our stronger 280 level. 280 must hold or their will be technical damage to the markets. I expect 280 will hold up, if for some reason is does not, the next support is down at 275 with the 200-day MA. The 50-day moving average was broken down through Monday which accelerated some of the losses. The 50-day and 200-day MAs will need to be watched now more closely. The MACD is declining. The Stochastics are neutral/low but may have bottomed. The Money Flow is still positive. The 50-day MA (285.75)(+.14) and the 200-day MA (275.30)(+.04) On the 9-month chart below, the previous patterns are behind us. Shown now is the support levels at 280 and the resistance now at 290. If we hold the 280 level, we will stay in a 280-290 trading range for awhile. Nasdaq Composite +17.9% YTDRussell 2000 +14.8% YTDS&P 500 +13.7% YTDDow Jones Industrial Average +10.0% 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. 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.