Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Wednesday's action: The S&P 500 lost 13 points on Wednesday. It had been down twice that much before dip buying came in. There are still recurring concerns about slowing growth and the U.S. Treasury market.News to keep in mind Thursday morning: Futures trade vs fair value were a bit lower late last night - Dow -48, S&P -6, Nasdaq -20, Russell -4.Notice there is some overnight futures volatility. Dow futures were down -125, short time later just -45.China trade war news, Fed speak, and the US Treasury markets are the biggest factors in the market right now.Keep an eye on the VIX - The Vix is still in the teens, we have not seen a panic of any kind.We are staying above the 200-day moving average, this is the next support level under the S&P 2,800 line.Economic Calendar today has some juicy tidbits... >Today's Economic Calendar: 08:30 Initial Claims 03/2308:30 Continuing Claims 03/1608:30 GDP - Third Estimate Q408:30 GDP Deflator - Third Estimate Q410:00 Pending Home Sales Feb10:30 EIA Natural Gas Inventories Quick Notes: (none)THE CHARTS: The markets were lower on Wednesday. Still fighting near the S&P 500's 2,800 level. The Tug-of-War continues. As I have been writing here for a while: "Do keep in mind 280 is major resistance line." - Seems we are stuck dancing near it as the bulls and bears fight. 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. The Stochastics are neutral and low. The Money Flow is a slight negative. Currently we are in between strong resistance and good support. Negative is that we have gone pretty high up into a tough resistance area and higher valuations. Positive is we are seeing strong momentum and some bullish technicals. The 50-day MA (273.38)(+.47) and the 200-day MA (272.58)(+.03) are both support levels. On the 9-month chart below, the previous patterns are behind us. Shown now WAS/IS the support level at 280. Next support level is the 200-day moving average near 272.60 and the next resistance level is at 285. Nasdaq Composite +15.2% YTDRussell 2000 +12.9% YTDS&P 500 +11.9% YTDDow Jones Industrial Average +9.9% 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.