Brief Recap and Updates on the MarketsSPY Chart and some Technical AnalysisIBM price target lowered, stock weak in pre-market Stocks rose Tuesday as investors turned their attention away from geopolitical issues to corporate earnings reports. So far earnings season has gone well overall. News to keep in mind Wednesday morning: Markets are showing modest gains on all the averages in pre-market trading.At 8:35am EST - Dow futures vs fair value: +38.00. S&P futures vs fair value: +10.25. Nasdaq futures vs fair value: +25.30. Futures are up currently on a continuation of Monday's and Tuesday's gains. The Dow is at risk today with IBM under pressure after a lackluster earnings report. Barclays lowers price target on IBM after disappointing earnings report. (Source thefly.com) $IBM Barclays analyst Mark Moskowitz expects shares of IBM to be under pressure in the near term following last night's Q1 results. The analyst lowered his price target for the stock to $188 from $192 but keeps an Overweight rating. The lack of revenue growth "may not be a backbreaker," but IBM's "perplexing declaration" that gross margin "stabilization" has arrived despite Q1's 30 basis point year-over-year will likely frustrate investors. Today's Economic Calendar 7:00 MBA Mortgage Applications10:30 EIA Petroleum Inventories2:00 PM Fed's Beige Book3:15 PM Fed's Dudley: Economic Outlook and Monetary Policy On the SPY chart below it is important to note the SPY broke back above and closed above its 50-day MA. The MACD lines are now headed in an upward direction after a positive cross. The Stochastics are near overbought. The Chaikin is showing money flow still leaving the markets. We are still under a two-headed monster, and I expect volatility to remain elevated. We will continue to use caution buying dips and also selling the rips. I have been using the trading range with support at the 200-day MA and resistance at the 50-day MA. We are above the 50-day MA today, will it remain so? The MACD is positive, but Stochastics are near overbought. The money flow is still leaving the market. Stocks keep rising with a string of positive earnings reports and continued momentum. I think it has overshoot the top of the trading range. I would not feel comfortable buying new long positions up here. NOTE: Looking out, the 200-day MA is rising while the 50-day is falling, this could lead to the dreaded 'death cross' where the 50-day crosses below the 200-day. Nasdaq Composite: +5.5% YTDRussell 2000: +2.9% YTDS&P 500: +1.2% YTDDow Jones Industrial Average: +0.3% YTD 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, we may add additional analysis/observations during the trading day in the comments.