Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: U.S. stocks sold off on Tuesday, as increased uncertainty about a U.S.-China trade resolution contributed to a broad-based effort to de-risk. The S&P 500 lost 48 points. News to keep in mind Wednesday morning: Futures trade vs fair value were higher late last night. Dow +55, S&P +6, Nasdaq +22, Russell +6.The biggest factors in the market right now are; Global Economy, China trade talks, Fed speak, and the US Treasury markets.Keep an eye on the VIX - The Vix jumped for the 2nd day in a row.CHINA TRADE WAR is back on - Shaking up the markets again. Today's Economic Calendar: 07:00 MBA Mortgage Applications Index10:30 EIA Crude Oil Inventories Quick Notes:Trading was largely defensive, evidenced by a flight-to-safety in U.S. Treasuries, firmness in the U.S. dollar, and a huge spike in the CBOE Volatility Index. The move in the VIX reflected interest in hedging against further downside. THE CHARTS: The markets were down big on Tuesday with very heavy volume in the SPY. Does the huge volume indicate a climax to the selling? We are still above the SPY 280 level, which is strong support. The 290 level may be considered resistance. We said the previous 2 days the 285 area maybe the place to buy the dip. I am thinking 285 will be support and hold up to any additional selling pressure. The 50-day and 200-day MAs are still both rising. This is a good sign for the market technically when the moving averages are headed in an upward sloping direction. The MACD is positive, but declining. The Stochastics are neutral. The Money Flow is positive. The 50-day MA (284.90)(+.20) and the 200-day MA (275.07)(+.06) are both support levels. On the 9-month chart below, the previous patterns are behind us. Shown now is the support levels at 280 and 290. We are now just below the area of the all-time highs which could be considered resistance. Possibly stuck in a 280-290 trading range. Nasdaq Composite +20.0% YTDRussell 2000 +17.3% YTDS&P 500 +15.1% YTDDow Jones Industrial Average +11.3% 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.