Brief Recap and Updates on the MarketsSPY Chart and some Technical AnalysisStocks rallied Monday after this weekends air strikes in Syria have been put behind us. News to keep in mind Tuesday morning: Markets are showing large gains on all the averages in pre-market trading.At 8:20am EST - Dow futures vs fair value: +242.00. S&P futures vs fair value: +20.50. Nasdaq futures vs fair value: +73.00.Futures are up after Monday's advance and no retaliation in Syria.Today's Economic Calendar 8:30 Housing Starts8:55 Redbook Chain Store Sales9:15 Industrial Production10:00 Randal Quarles: “Semi-Annual Testimony on the Federal Reserve’s Supervision and Regulation of the Financial System”11:00 Fed's Harker Speech1:40 PM Fed's Evans: Monetary PolicyOn the SPY chart below it is important to note the SPY is testing a break back above its 50-day MA. The MACD lines are now headed in an upward direction after a positive cross. The Stochastics are nearing 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 right at the 50-day MA today, will the 50-day act as resistance or will we break above it? 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 may 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: +3.7% YTDRussell 2000: +1.8% YTDS&P 500: +0.2% YTDDow Jones Industrial Average: -0.6% YTDDisclosure: 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.