Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: The S&P 500 lost 37 points, pulling back due to short-term overbought conditions and the narrative shifting back towards growth concerns and China's GDP slowing. News to keep in mind Wednesday morning: Futures trade vs fair value were higher late last night - Dow +64, S&P +3, Nasdaq +15, Russell +5.The China trade war news and Fed watching are the 2 biggest issues currently to keep an eye on.Keep an eye on the VIX - The Vix popped up 16% and is back above 20. Use a bit of caution.Remember the December nonfarm payrolls increased by 312,000. A huge out performance of expectations! The economy is still doing very well if measured by the job market.We are back above 2,600 on the S&P 500 AND the 50-day MA - That level is now support on any pullbacks or dips. Today's Economic Calendar: (None scheduled)Quick Notes: $IBM In earnings news after the close, IBM was the story stock - Shares of IBM were up over 6% after hours due to its Q4 earnings beat. Revenues and Earnings for the quarter ending December 2018 outperformed analyst expectations.Tiger's Take: "IBM's upbeat earnings report should help the market tomorrow. It appears their report was much better than expected." CHARTS: The markets finished lower Tuesday but still above the 50-day MA on the SPY. This is good for the bulls. The Vix remains a bit high after jumping on Tuesday, keep an eye on it. It appears we are in a new trading range of 260 up to the 200-day MA (271.38). The MACD is positive. The Stochastics are at overbought. The Money Flow has been really good after a huge "V" bottom formation was completed. We had a down day Tuesday, but I still expect the 50-day MA and the 260 level to be good support and hold any weakness. I am using the 200-day MA (271.38) as the next resistance point. On the 9-month chart below, the previous patterns are behind us. Shown now is the resistance level/top at 280. Support is found at 260 and 250 with strong support at the V bottom at 235. Russell 2000 +8.1% YTDNasdaq Composite +5.8% YTDS&P 500 +5.0% YTDDow Jones Industrial Average +4.6% YTD NOTICE: The Russell 2000 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.