Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: The S&P 500 closed the day little changed as traders wait for the Fed's Policy Decision due out Wednesday afternoon. News to keep in mind Wednesday morning: Futures trade vs fair value were a bit lower late last night - Dow -30, S&P -3, Nasdaq -8, Russell -4.The China trade war news and Fed watching are still the 2 biggest issues to keep an eye on.Keep an eye on the VIX - The Vix is still in the teens, which is "risk on" for the markets. We are staying above the 200-day moving average and the 2,800 level so far on the S&P 500 - These levels are now support. Today's Economic Calendar: 07:00 MBA Mortgage Applications Index10:30 EIA Crude Oil Inventories14:00 FOMC Rate Decision Mar14:30 Fed Chair Press ConferenceQuick Notes: $AMD Chipmaker Advanced Micro (AMD 26.00, +2.75) rose 11.8% as Google confirmed a partnership with the company for its new gaming streaming service using AMD's chips.THE CHARTS: The markets were mixed/unchanged on Tuesday leaving the S&P 500 still above 2,800 level. As I have been writing here for a while: "Do keep in mind 280 is major resistance line." This level will be a tough fight. Now the question - can we stay above this level now? We are still above the 50-day moving average AND the 200-day moving average now. Both MAs are also rising. This is a good sign for the market technically when the moving averages are all headed in an upward sloping direction. In addition, we are heading towards a "golden cross" as the 50-day is poised to cross back above the 200-day. The MACD is positive. The Stochastics are high/overbought. The Money Flow is a slight positive. We were in a trading range with 280 as the resistance, stay tuned to see if the 280 level now becomes support! So far it is. The 50-day MA (270.42(+.62) and the 200-day MA (272.28)(+.08) are both support levels. On the 9-month chart below, the previous patterns are behind us. Shown now WAS the resistance level at 280. We will have to wait and see what the market does from here. Will 280 become support? So far so good. Nasdaq Composite +16.4% YTDRussell 2000 +15.3% YTDS&P 500 +13.0% YTDDow Jones Industrial Average +11.0% YTD$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.