Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Wednesday's action: The S&P 500 lost 6 points on Wednesday in a tight-ranged session. After yesterday's record-setting day some defensive positioning ahead of big earnings reports due after the bell and some consolidation was needed. Big tech is due to start higher Thursday morning after good reports from Microsoft and Facebook after hours.News to keep in mind Thursday morning: Futures trade vs fair value were mixed late last night with the Nasdaq ready for new highs. Dow -37, S&P +3, Nasdaq +67, Russell -2.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 Vix is down in the low teens. This is a 'risk-on' level.Facebook and Microsoft both beat earnings expectations last night and look to be lead tech stocks higher. Today's Economic Calendar: 8:30 Durable Goods8:30 Initial Jobless Claims10:30 EIA Natural Gas Inventory11:00 Kansas City Fed Mfg Survey1:00 PM Results of $32B, 7-Year Note Auction4:30 PM Money Supply4:30 PM Fed Balance Sheet Quick Notes: $FB $MSFTFacebook and Microsoft both rose after hours Wednesday after well received earnings reports. This will lead tech higher Thursday morning. After hours Facebook gained near 7.5% and Microsoft near 3.5%.THE CHARTS: The markets were a bit lower on Wednesday. Which looks like it was a buying opportunity as large etch stocks stock are set to rise at the start of Thursday's mornings trades. We have stayed above the SPY 285 level, which is now support and we have stayed above the 290 level a few times now which may also become support. Being above the old all-time high now, there is no fixed point of resistance above us. The 20-day, 50-day and 200-day MAs are all rising. This is a good sign for the market technically when the moving averages are all headed in an upward sloping direction. The MACD is positive. The Stochastics are neutral. The Money Flow is positive. *---"NOTE: Due to the Stochastics being overbought, we could have short-term pullbacks, but currently they should be bought as the MACD, the Money Flow, and other technicals are all positive. Once the stochastics are no longer showing overbought I expect the uptrend to continue."---* The 50-day MA (281.92)(+.46) and the 200-day MA (274.29)(+.10) are both support levels. On the 9-month chart below, the previous patterns are behind us. Shown now is the support levels at 280 and 290. We are now right at the area of the all-time highs. Nasdaq Composite +22.1% YTDRussell 2000 +17.8% YTDS&P 500 +16.8% YTDDow Jones Industrial Average +14.0% YTD$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.