Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Wednesday's action: The S&P 500 advanced 6 points on Wednesday amid optimism about a U.S.-China trade deal and positive PMI non-manufacturing data out of China and Europe.News to keep in mind Thursday morning: The Dow will be helped by a 2% rally in Boeing shares after hours on news of a successful safety test. $BAFutures trade vs fair value were higher late last night - Dow +74, S&P +4, Nasdaq +19 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 still down in the teens. This is a 'risk-on' level. Today's Economic Calendar: 08:30 Initial Claims08:30 Continuing ClaimsQuick Notes: $AMD $INTC Advanced Micro Devices (AMD 29.02, +2.27, +8.5%) and Intel (INTC 55.48, +1.12, +2.1%) provided the tech/chip group with some support after both were initiated with Buy ratings at Nomura/Instinet. AMD also benefited from Digitimes suggesting it will see a significant increase in sales in the second half of the year while Intel got an added boost from the news that it named a new CFO.THE CHARTS: The markets were higher on Wednesday. We are now well above the SPY 280 level, which is now support. The 285 line is now where the next fight was taking place. For the moment we have hurdled above that level and potentially 285 will also become support. Both the 50-day and 200-day MAs are 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 neutral - and appears to be trying to make a cross upwards. The Stochastics are neutral/high. The Money Flow is a slight positive. The 50-day MA (275.65)(+.50) and the 200-day MA (272.86)(+.07) are both support levels. On the 9-month chart below, the previous patterns are behind us. Shown now IS the support level at 280 with the next area of resistance at 290. Above that is the all-time high. Nasdaq Composite +19.0% YTDRussell 2000 +15.8% YTDS&P 500 +14.6% YTDDow Jones Industrial Average +12.4% 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.