Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: The stock market rallied on Tuesday, boosted by U.S.-China trade optimism and dovish comments out of the European Central Bank (ECB). The S&P 500 gained 28 points, breaking back above the 2,900 level. News to keep in mind Wednesday morning: Futures trade vs fair value were slightly higher late last night... Dow +27, S&P +4, Nasdaq +12, Russell -1.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 CBOE Volatility Index is back down in the mid-teens.CHINA TRADE WAR is still an ongoing concern.FED policy decision and wording due at 2pm ET. Today's Economic Calendar: Jun 19 07:00 MBA Mortgage Index 06/15Jun 19 10:30 EIA Crude Oil Inventories 06/15Jun 19 14:00 FOMC Rate Decision Jun Quick Notes: (none) THE CHARTS: (NOTE: Charts are a good guide but when a tweet or news item can jerk the markets around, they mean a bit less.) The markets were much higher on Tuesday as we await the Fed's action(s) coming to us Wednesday afternoon. On the charts, we have jumped over the resistance point at 290/291. The 'Bull Flag' pattern did work out as we broke out above it. The current setup looks like we are going to continue upwards, BUT the Fed policy decisions and their words make it less certain. The next question is will we stay above 290 and have that level become support? If we break back down, the 50-day moving average looks like it may act as support (287). If we continue higher, the all-time high near 294/295 is the next resistance. The MACD is positive. The Stochastics are neutral. The Money Flow is slightly negative. The 50-day MA (287.30)(+.07) and the 200-day MA (275.74)(+.03) On the 9-month chart below, the previous patterns are behind us. Shown now is the re-established support level at 280 and the prior resistance at 290. The question now is will we stay above 290 long enough for it to become support? Nasdaq Composite +19.9% YTDS&P 500 +16.4% YTDRussell 2000 +15.0% YTDDow Jones Industrial Average +13.5% 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.