Brief Recap and Updates on the MarketsSPY Charts and some Technical AnalysisIn Tuesday's action:Stocks ended lower on a late tech led sell off. The S&P 500 drops back below its 50-day moving average (2719) as investors reduced risk ahead of the Fourth of July holiday break.News to keep in mind Thursday morning: Markets are higher in pre-market tradingAt 7:20am ET - Dow futures vs fair value: +160.00. S&P futures vs fair value: +15.25. Nasdaq futures vs fair value: +40.50.Watch out for any headline risk about trade war news or politicsThe VIX is down over 6% in pre-market tradingThe Fed's minutes from the June meeting to be released in the afternoonToday's Economic Calendar 7:00 MBA Mortgage Applications7:30 Challenger Job-Cut Report8:15 ADP Jobs Report8:30 Initial Jobless Claims9:45 Bloomberg Consumer Comfort Index* - Federal Reserve's minutes from its June meeting will be released this afternoon. While the details are expected to show little support for suggestions that the central bank will pause from hiking interest rates, economists will be looking to see how much pushback there might have been from doves. There may also be clues about what it could take the Fed to deviate from its current pace of lifting rates each quarter. - *The SPY charts are pictured below. The first is a 3-month chart followed by a longer-term 9-month chart. We have broken below the support level at 273 and the 50-day MA is now in play again. The MACD lines are negative after a cross down, but flattening. The Stochastics have bounced off the oversold level. The Money flow is currently a negative for the markets. We are continuing to use caution buying the dips and also selling the rips. This mornings pre-market activity points to a higher open. We will open above the 50-day MA as the SPY tries to stay above it and the 270 support level. All the trade war talk has shaken the markets and is a risk to the market's technicals going forward. 273 may now act as resistance to the upside. * -- Note: In the last 2-3 weeks the volume has been greater on the down days. -- *In the longer term chart, we are still marking a trading range of 270-280. The 270 level was able to hold for now. Note: if 270 breaks to the downside there is a lot of space underneath.Nasdaq Composite +8.7% YTDRussell 2000 +8.1% YTDS&P 500 +1.5% YTDDow Jones Industrial Average -2.2% 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, additional analysis/observations during the trading day in the comments by us or our readers.