Brief Recap and Updates on the MarketsSPY Charts and some Technical AnalysisIn Wednesday's action: Stocks ended MUCH higher Wednesday, following the closely watched midterm elections that saw Democrats take control of the House and Republicans retain their hold on the Senate. News to keep in mind Thursday morning: Markets are lower in pre-market trading - After a huge run yesterday, maybe some consolidation and rest maybe needed.At 9:15am ET - Dow futures vs fair value: -20.00. S&P futures vs fair value: -7.25. Nasdaq futures vs fair value: -31.00. Russell 2000 futures vs fair value: -5.25.Keep an eye out for any trade headlines or political risksKeep an eye on the VIX - it is currently unchanged after yesterday's big drop Today's Economic Calendar:8:30 Initial Jobless Claims10:30 EIA Natural Gas Inventory2:00 PM FOMC Announcement4:30 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 higher on Wednesday. Glad that the election is over and we can move on now. The MACD lines are now heading up. The Stochastics are high and at overbought. The Money Flow is now a positive. I have 270 as the support level and 280 as the resistance. We are a bit above 280, the next resistance I see would be at the 50-day moving average. The money flow has improved, which is a good sign to me. The MACD has bottomed and is turning up. We are back above the 200-day moving average! We still may have some weakness to deal with some days, but I believe the correction is over and the bottom is in. The technicals have really improved over the last few days.On the 9-month chart, the nice channel since April has been shown. This trend/pattern was broken to the downside. Awaiting the emergence of the next pattern. The 270 line is strong support now. Possible resistance maybe at 280.Nasdaq Composite +9.7% YTDDow Jones Industrial Average +5.9% YTDS&P 500 +5.3% YTDRussell 2000 +3.0% 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.