Brief Recap and Updates on the MarketsSPY Charts and some Technical AnalysisIn Wednesday's action: The S&P 500 gained 5 points on Wednesday, as the earnings from Bank of America ($BAC 28.45, +1.90, +7.2%) and Goldman Sachs ($GS 197.08, +17.17, +9.5%) helped keep the rally going. The index was up as much as 0.6%, but succumbed to selling pressure into the close after flirting with its 50-day moving average (2628.52). News to keep in mind Thursday morning: Futures trade vs fair value were a bit lower late last night - Dow -80, S&P -10, Nasdaq -26, Russell -5.The China trade war news and Fed watching are the 2 biggest issues currently to keep an eye on.Keep an eye on the VIX - The Vix has stayed under 20 few a few days now and it appears it may signal that buying the dips is back along with taking on risk.Remember the December nonfarm payrolls increased by 312,000. A huge out performance of expectations! The economy is still doing very well if measured by the job market.We are back above 2,600 on the S&P 500 - Will that level now become support on any pullbacks or dips. If so we are in great shape, if not back into a trading range. Today's Economic Calendar: "Some important items today."8:30 Initial Jobless Claims8:30 Housing Starts8:30 Philly Fed Business Outlook10:30 EIA Natural Gas Inventory10:45 Randal Quarles: “Insurance Regulation and Supervision”4:30 PM Money Supply4:30 PM Fed Balance SheetQuick Notes: $BAC $GSBank of America (BAC 28.45, +1.90, +7.2%) and Goldman Sachs (GS 197.08, +17.17, +9.5%) performed very well in the financial sector. This was a good sign for the markets.CHARTS: The SPY charts are pictured below. The first is a 4-month chart followed by a longer-term 9-month chart.The markets finished higher Wednesday for a second day above the 260 level on the SPY. The technicals are still somewhat damaged as the SPY is below both the 50-day and 200-day moving averages. The technicals have really been improving though. We are now just under the 50-day MA which may act as resistance until we break back above it. The MACD is positive. The Stochastics are at overbought. The Money Flow has been really good after a huge "V" bottom formation was completed. The Vix remains a bit high still, keep an eye on it. Next test is to see if the 260 level holds and becomes support on any pullback attempts. We are now pinned between the 260 level and the 50-day MA.On the 9-month chart below, the previous patterns are behind us. Shown now is the resistance level/top at 280. Support is found at 260 and 250 with strong support at the V bottom at 235.Russell 2000 +7.9% YTDNasdaq Composite +6.0% YTDS&P 500 +4.4% YTDDow Jones Industrial Average +3.8% YTDNOTICE: The Russell 2000 is leading the market higher so far this year, outperforming the larger averages.$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.