Brief Recap and Updates on the MarketsSPY Chart and some Technical Analysis Stocks were mixed and little changed on Wednesday on very light volume. News to keep in mind Thursday morning: Markets are showing modest gains on all the averages in pre-market trading.At 8:40am EST - Dow futures vs fair value: -34.00. S&P futures vs fair value: -5.25. Nasdaq futures vs fair value: -16.00. Today's Economic Calendar 8:00 Fed's Reserve Gov. Lael Brainard speech8:30 Initial Jobless Claims8:30 Philly Fed Business Outlook9:30 Randal Quarles: “Semi-Annual Testimony on the Federal Reserve’s Supervision and Regulation of the Financial System”9:45 Bloomberg Consumer Comfort Index10:00 Leading Indicators10:30 EIA Natural Gas Inventory4:30 PM Money Supply4:30 PM Fed Balance Sheet6:45 PM Fed's Mester: Monetary Policy and Economic Outlook On the SPY chart below it is important to note the SPY broke back above and closed above its 50-day MA. The MACD lines are now headed in an upward direction after a positive cross. The Stochastics are 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. The MACD is positive, but Stochastics are overbought with money flow still leaving the market. I am using a trading range with 272.50 the resistance and 265.00 the support. Short-term we are overbought. Last weeks recovery rally in the market occurred with declining volume. I would not feel comfortable buying new long positions up here. NOTE: Looking out, the 200-day MA is rising while the 50-day was falling, this could lead to the dreaded 'death cross' where the 50-day crosses below the 200-day. Nasdaq Composite: +5.7% YTDRussell 2000: +3.1% YTDS&P 500: +1.3% YTDDow Jones Industrial Average: +0.1% YTD 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, we may add additional analysis/observations during the trading day in the comments.