Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: The S&P 500 gained 4 points on Tuesday, as strong earnings results from Wal-Mart ($WMT 102.20, +2.21, +2.2%) helped ease some of the concerns about consumer spending. Investors also remained optimistic about U.S.-China trade talks and a more dovish Federal Reserve. News to keep in mind Wednesday morning: Futures trade vs fair value were slightly lower late last night - Dow -28, S&P -3, Nasdaq -3, Russell -1.The China trade war news and Fed watching are still the 2 biggest issues currently to keep an eye on.Keep an eye on the VIX - The Vix it has been staying in the mid-teens. At this level and lower is a 'risk on' kind of environment.We are staying above the 50-day moving average on the S&P 500 - This level is now strong support.FED Minutes are released at 2PM ET. - Keep an ear open to hear what was said. Today's Economic Calendar:7:00 MBA Mortgage Applications8:55 Redbook Chain Store Sales10:00 E-Commerce Retail Sales11:30 Results of $18B, 2-Year FRN Auction2:00 PM FOMC minutes3:00 PM Farm PricesQuick Notes: (none) THE CHARTS: The markets were slightly higher on Tuesday. Keep in mind 280 is major resistance line. We are still above the 50-day moving average AND the 200-day moving average now. Both MAs are also rising in a very slight upward slope. A very good sign for the market technically when the moving averages are all headed in an upward sloping direction. The MACD is positive. The Stochastics are neutral/high. The Money Flow is positive. I see us being in a 270-280 trading range. The 50-day MA (261.04) and the 200-day MA (272.21) are now both support levels. On the 9-month chart below, the previous patterns are behind us. Shown now is the resistance level at 280. Support is found at 270. We are right back into the trading range of 260-270-280 before the V-dip. Russell 2000 +16.8% YTDNasdaq Composite +12.8% YTDDow Jones Industrial Average +11.0% YTDS&P 500 +10.9% YTD NOTICE: The Russell 2000 (IWM) is leading the market higher so far this year, outperforming the larger averages.$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.