Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Wednesday's action: The S&P 500 lost 5 points on Wednesday in a lackluster session that saw little buying conviction from investors with relative weakness in the energy, financial, and semiconductor stocks. Oil prices declined following from rising inventory data. News to keep in mind Thursday morning: Futures trade vs fair value were a bit lower late last night... Dow -65, S&P -6, Nasdaq -30, Russell -3.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 CBOE Volatility Index is back down in the mid-teens.CHINA TRADE WAR is still an ongoing concern. Today's Economic Calendar: 08:30 Initial Claims 06/0808:30 Continuing Claims 06/0108:30 Export Prices May08:30 Import Prices May08:30 Export Prices ex-ag. May08:30 Import Prices ex-oil May10:30 EIA Natural Gas Inventories 06/08Quick Notes: (none) THE CHARTS: (NOTE: Charts are a good guide but when a tweet or news item can jerk the markets around, they mean a bit less.) The markets were slightly lower on Wednesday. On the charts this makes an obvious top/resistance point at 291. We still point out that 290 is strong resistance and we have gotten short-term overbought after the big bounce up move from 273 to 291 in just 6 days. Our strong support level is at 280 and our strong resistance level is at 290. So for now, a big 280-290 trading range.Futures were pointing a little lower for Thursday morning, we will watch and see if the 50-day moving average can be support and contain the weakness. The MACD is turning up. The Stochastics are high/overbought. The Money Flow is slightly negative now. The 50-day MA (287.05)(+.05) and the 200-day MA (275.65)(+.04) On the 9-month chart below, the previous patterns are behind us. Shown now is the re-established support level at 280 and the resistance at 290. Nasdaq Composite +17.4% YTDS&P 500 +14.8% YTDRussell 2000 +12.7% YTDDow Jones Industrial Average +11.5% 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.