Brief Recap and Updates on the MarketsFed Decision BriefSPY Charts and some Technical AnalysisIn Tuesday's action: Stocks end mixed on Tuesday amid subdued activity as investors held off on making big bets ahead of the Federal Reserve’s monetary policy decision. News to keep in mind Wednesday morning: Markets are higher in pre-market tradingAt 8:35am ET - Dow futures vs fair value: +26.00. S&P futures vs fair value: +4.25. Nasdaq futures vs fair value: +17.00. Russell 2000 futures vs fair value: +3.25.Keep an eye out for any trade headlines or political risksThe VIX is down about 2%The Federal Open Market Committee is expected to lift the federal funds rate by a quarter point to 2.25% when the central bank finishes its two-day meeting today. The central bank is looking to guide the U.S. economy in for a soft landing, with an eye on the gap between the inflation rate and the fed funds rate. The so-called "neutral" federal funds rate (tossed around as R* by some economists) is either quite low or somewhat elevated by historical standards, depending upon which Fed governor you ask. Today's Economic Calendar:7:00 MBA Mortgage Applications10:00 New Home Sales10:00 State Street Investor Confidence Index10:30 EIA Petroleum Inventories2:00 PM FOMC Announcement2:00 PM FOMC Forecast2:00 PM Chairman Press ConferenceThe SPY charts are pictured below. The first is a 4-month chart followed by a longer-term 9-month chart. The markets were mixed on Monday. The MACD lines are currently neutral. The Stochastics are neutral. The Money Flow is currently a neutral. The 200-day moving average is looking strong and steady. I have a support line now drawn at 290, a point of previous resistance. I would prefer the market to remain over this level. I expect the market to continue drifting higher even as it deals with the China trade war headlines or political turmoil. We are expecting the trend of higher lows and higher highs since April to continue. On dips or pullbacks, we may look to add to some positions while keeping an eye out on the trade wars and politics headline risks.On the 9-month chart, a nice channel featuring higher lows since April has been shown. This trend/pattern has remained strong. At worst we expect any pullbacks will not break the channel's lows. NOTE: We have had this same message for a while now, we are still in "the trend is your friend" on the 9-month chart.Nasdaq Composite +16.0% YTDRussell 2000 +11.3% YTDS&P 500 +9.1% YTDDow Jones Industrial Average +7.2% 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.