Brief Recap and Updates on the MarketsSPY Charts and some Technical AnalysisIn Tuesday's action: The S&P 500 finished flat on Tuesday in a roller-coaster session. The ride was fueled by a 7.2% plunge in oil prices to $46.57 per barrel, lingering uncertainty surrounding trade, monetary policy, the economic growth outlook, and the budget battle in Washington to keep the government open. News to keep in mind Wednesday morning: Futures trade vs fair value are near unchanged early last night - Dow +25, S&P +1, Nasdaq -1.Keep an eye out for any trade headlines or political risks.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 - it is over 25 - the market is expecting a volatile event. Fed rate decision is such an event later today. Today's Economic Calendar:07:00 MBA Mortgage Applications Index08:30 Current Account Balance10:00 Existing Home Sales Nov 5.10:30 Crude Inventories14:00 FOMC Rate Decision!The SPY charts are pictured below. The first is a 4-month chart followed by a longer-term 9-month chart. The markets finished slightly higher on Tuesday staying right at the important 255 support level. The technicals are still damaged due to being below both the 50-day and 200-day moving averages. Resistance levels are now at 280 and both of the moving averages. Support is at the previous April low of 255. We MUST hold the 255 level as I don't see the next support level. The MACD is negative. The Stochastics are near oversold. The Money Flow is currently negative after the latest sell-offs. I will be watching for some signs of a buy-able support level.The FED decision today and the explanation of the decision means EVERYTHING today! Happy Trading!On the 9-month chart below, the nice channel from April to September has been shown. This trend/pattern was broken to the downside. Awaiting the emergence of the next pattern. The 200-day moving average and 280 are the resistance levels. We will have to see where we can find support. The next level to consider is 255 (the April low). We are right at that level now.Nasdaq Composite -1.7% YTDDow Jones Industrial Average -4.2% YTDS&P 500 -4.8% YTDRussell 2000 -10.3% 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, additional analysis/observations during the trading day in the comments by us or our readers.