Brief Recap and Updates on the MarketsSPY Chart and some Technical AnalysisIn Tuesday's action:Stocks ended higher as the markets rebounded a bit after Monday's steep losses. However, stocks ended well off their highs as the markets faded in the afternoon.News to keep in mind Wednesday morning: Markets are lower in pre-market trading At 7:30am ET - Dow futures vs fair value: -104.00. S&P futures vs fair value: -9.50. Nasdaq futures vs fair value: -42.00.Watch out for any headline risk about trade war news or politicsThe VIX is up about 3.5% in pre-market trading, keep an eye if this stays elevatedToday's Economic Calendar 7:00 MBA Mortgage Applications8:30 Durable Goods8:30 International trade in goods8:30 Retail Inventories (Advance)8:30 Wholesale Inventories (Advance)10:00 Pending Home Sales10:30 EIA Petroleum Inventories11:00 Randal Quarles Speech11:30 Results of $16B, 2-Year FRN Auction12:15 PM Fed's Rosengren Speech1:00 PM Results of $36B, 5-Year Note AuctionThe SPY charts are pictured below. The first is a 3-month chart followed by a longer-term 9-month chart. We have broken below my short-term support level at 273 and testing the next support at the 50-day MA at 270.50. The MACD lines are negative after a cross down. The Stochastics are headed downwards but approaching oversold. The Money flow is currently a neutral for the markets and is declining. We are continuing to use caution buying the dips and also selling the rips. The previous break out above 273 was a significant move, as was the resistance at 278 followed by re-breaking 273 on the downside. Monday losses did some technical damage as a short-term support level was broken. I am still looking for the SPY to stay in the longer-term range of 270-280, but with the current losses in pre-market trading that range maybe vulnerable on the downside. 270.50 needs to hold on a closing basis. * -- Note: In the last 2-3 weeks the volume has been greater on the down days. -- *In the longer term chart, we are now marking a trading range of 270-280. A break above or below could be significant.Nasdaq Composite +9.5% YTDRussell 2000 +8.7% YTDS&P 500 +1.9% YTDDow Jones Industrial Average -1.8% 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.