Brief Recap and Updates on the MarketsSPY Chart and some Technical AnalysisIn Tuesday's action:Stocks were lower as President Trump threatens additional tariffs on $200 billion worth of Chinese goods and the Yield curve continues to flatten; 2-10 spread hits lowest level in a decade.News to keep in mind Wednesday morning: Markets are higher on all the averages in pre-market tradingAt 8:10am ET - Dow futures vs fair value: +98.00. S&P futures vs fair value: +6.40. Nasdaq futures vs fair value: +17.50Watch out for any headline risk about trade war news or politicsToday's Economic Calendar 7:00 MBA Mortgage Applications8:30 Current Account9:30 Jerome Powell: “Monetary Policy at a Time of Uncertainty and Tight Labor Markets”10:00 Existing Home Sales10:30 EIA Petroleum InventoriesThe SPY charts are pictured below. The first is a 3-month chart followed by a longer-term 9-month chart. We have remained above my short-term support level at 273 and then retreated away from my 278 resistance level. As the market tries to rebound after Tuesday's declines a test of 278 may be in play. The MACD lines are sightly negative after a cross down. The Stochastics are neutral and headed downwards. The Money flow is currently a slight positive for the markets. We are continuing to use caution buying the dips and also selling the rips. The break out above 273 was a significant move. The market has shown strength the last 3 days as early morning dips were bought. But keep an eye on headline risk due to political or trade wars news. If this mornings rebound does not hold, we could the see a test of the 273 level.* -- Note: In the last 2-3 weeks the volume has been greater on the down days. -- *In the longer term chart, we are now marking a trading range of 270-280.Nasdaq Composite +11.9% YTDRussell 2000 +10.3% YTDS&P 500 +3.3% YTDDow Jones Industrial Average -0.1% YTDDisclosure: 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, we may add additional analysis/observations during the trading day in the comments.