Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Wednesday's action: The S&P 500 lost 22 points on Wednesday, pulling back from the all-time highs, after Fed Chair Jerome Powell dismissed the idea of a rate-cut to address low inflation. The market was down as the stochastics have hit the short-term overbought level. News to keep in mind Thursday morning: Futures trade vs fair value were near unchanged late last night. Dow -1, S&P +0, Nasdaq +3, Russell -1.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 low teens. This is a 'risk-on' level.Another busy day for economic news.Today's Economic Calendar: Auto sales7:30 Challenger Job-Cut Report8:30 Initial Jobless Claims8:30 Productivity and Costs10:00 Factory Orders10:30 EIA Natural Gas Inventory4:30 PM Money Supply4:30 PM Fed Balance SheetQuick Notes: $AAPLApple (AAPL 210.52, +9.85, +4.9%) provided strong support for the overall market after it beat top and bottom-line estimates and issued upbeat guidance for its fiscal third quarter. THE CHARTS: The markets were down on Wednesday. We are still above the SPY 280 and 290 levels, which have become support. 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 high/overbought. 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 (283.77)(+.31) and the 200-day MA (274.76)(+.08) 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 just below the area of the all-time highs. Nasdaq Composite +21.3% YTDRussell 2000 +16.9% YTDS&P 500 +16.6% YTDDow Jones Industrial Average +13.3% 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.