Brief Recap and Updates on the MarketsSPY Charts and some Technical AnalysisIn Monday's action: Stocks close lower with the S&P 500 and the Dow Jones down for a fourth session as the ongoing turmoil in Turkey dampened investors’ appetite for riskier assets. Investors were cautious amid another large drop in the Turkish lira. Top-weighted technology sector outperforms, helping to keep losses in check. News to keep in mind Tuesday morning: Markets are higher in pre-market tradingAt 7:50am ET - Dow futures vs fair value: +114.00. S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +40.00. Russell 2000 futures vs fair value: +7.00.The VIX is down over 6% in pre-market tradingKeep an eye out for any trade war headlines and earnings reports* The overall economy received good news as Home Depot $HD – Earned $3.05 per share for the 2nd quarter, beating the consensus estimate of $2.84 a share. Revenue also beat forecasts and the company also raised its full-year guidance. *Today's Economic Calendar 6:00 NFIB Small Business Optimism Index8:30 Import/Export Prices8:55 Redbook Chain Store SalesThe SPY charts are pictured below. The first is a 4-month chart followed by a longer-term 9-month chart. The pre-markets are showing a higher start for the market. We broke back below 284 on Friday, the next support levels are 282 and a very strong support level at 280. The MACD lines are slightly positive. The Stochastics are showing overbought. The Money Flow is currently a slight negative for the market. The 200-day moving average is looking strong and steady. Looks like the 280/282 level will hold and we head back towards 284. I think the market's reaction to the Turkey news is overblown and most likely another buy the dip opportunity. 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.In the longer term chart, a nice channel featuring higher lows since April has been shown. At worst we expect any pullbacks will not break the channel's lows. Next resistance level is 284 and then the all-time highs near 287. Very strong support remains at 280.Nasdaq Composite +13.3% YTDRussell 2000 +9.1% YTDS&P 500 +5.6% YTDDow Jones Industrial Average +1.9% 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.