Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Monday's action: U.S. stocks sold off on Monday, as trade tensions escalated after China retaliated with a tariff rate hike on U.S. imports. The S&P 500 dropped 69 points which sent it back near the 2,800 level in an effort to de-risk amid global growth concerns. News to keep in mind Tuesday morning: Futures trade vs fair value were slightly higher late last night. Dow +68, S&P +8, Nasdaq +29, Russell +5.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 spiked again Monday, but did not break higher than last weeks. So lower highs being made with the Vix. Possibly signaling the worst has been down. CHINA TRADE WAR is back on - Shaking up the markets again. Today's Economic Calendar: 6:00 NFIB Small Business Optimism Index8:30 Import/Export Prices8:55 Redbook Chain Store Sales12:45 PM Fed's George SpeechQuick Notes: $UBER $LYFT Uber (UBER 37.10, -4.47) stood out, losing another 10.8% to extend its losses since its IPO on Friday. Tiger's Take: We don't buy into or believe in this kind of business. Avoid UBER and also sell or short the smaller 2nd place LYFT. THE CHARTS: The markets were down hard Monday with another heavy volume day in the SPY. The technicals have taken some hits. Most notable is the MACD which is in a steep decline now. 285 level which I had considered support got broken Monday. Our next support is our stronger 280 level. 280 must hold or their will be technical damage to the markets. The one glimmer of good news is the Money Flow is still a solid positive.I expect 280 may hold up, if for some reason is does not, the next support is down at 275 with the 200-day MA. The 50-day moving average was broken down through Monday which accelerated some of the losses. The 50-day and 200-day MAs will need to be watched now more closely. The MACD is declining. The Stochastics are neutral/low. The Money Flow is still positive. The 50-day MA (285.50)(+.03) and the 200-day MA (275.24)(+.01) 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 the resistance now at 290. If we hold the 280 level, we will stay in a 280-290 trading range for awhile. Nasdaq Composite +15.3% YTDRussell 2000 +12.9% YTDS&P 500 +12.2% YTDDow Jones Industrial Average +8.6% 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.