Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Wednesday's action: Stocks end higher but off the highs at the start of the day amid an inclination to sell into strength. Lingering global growth concerns and U.S-China trade uncertainty holding back some of the buying interest. News to keep in mind Thursday morning: Futures trade vs fair value were little changed late last night - Dow -11, S&P -1, Nasdaq +7, Russell +1.The China trade war news and Fed watching are the 2 biggest issues currently to keep an eye on.Keep an eye on the VIX - The Vix dropped back below 20 on Wednesday. If it can stay below 20 for a long time it will invite the bulls to buy.Remember the December nonfarm payrolls increased by 312,000. A huge out performance of expectations! The economy is still doing very well if measured by the job market.We are staying above 2,600 on the S&P 500 AND the 50-day MA - Those levels are now support on any pullbacks or dips.Today's Economic Calendar: 8:30 Initial Jobless Claims9:45 PMI Composite Flash10:00 Leading Indicators10:30 EIA Natural Gas Inventory11:00 Kansas City Fed Mfg Survey11:00 EIA Petroleum Inventories4:30 PM Money Supply4:30 PM Fed Balance SheetQuick Notes: $IBM $PG $UTX Stocks rallied at the open on some earnings beats and reassuring guidance from Dow components IBM (IBM 132.89, +10.37, +8.5%), Procter & Gamble (PG 94.84, +4.40, +4.9%), and United Technologies (UTX 117.04, +5.98, +5.4%). Tiger's Take: "The earnings reports for the most part of looked good. Having 3 big Dow stocks with good #s should give some investors optimism." CHARTS: The markets finished higher Wednesday and still above the 50-day MA on the SPY. For 2 days in a row the 50-day MA acted as the bottom/support of the day's range. This is good for the bulls. The Vix remains a bit high after jumping on Tuesday, keep an eye on it. It appears we are in a new trading range of 260 up to the 200-day MA (271.42). The MACD is positive. The Stochastics are at overbought, but not overly. The Money Flow has been really good after a huge "V" bottom formation was completed. The 50-day MA and the 260 level have been good support and expect they will hold up. I am using the 200-day MA (271.42) as the next resistance point. On the 9-month chart below, the previous patterns are behind us. Shown now is the resistance level/top at 280. Support is found at 260 and 250 with strong support at the V bottom at 235. Russell 2000 +7.8% YTDNasdaq Composite +5.9% YTDDow Jones Industrial Average +5.4% YTDS&P 500 +5.3% YTDNOTICE: The Russell 2000 is leading the market higher so far this year, outperforming the larger averages.$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.