Brief Recap and Updates on the MarketsPremarket activity and things to watch TuesdayThe FED will release its policy WednesdayAnalyst Actions and Comments - FCX Dow -335.60 at 24610.91, Nasdaq -137.74 at 7344.24, S&P -39.09 at 2712.92 A very negative day on Monday, with the S&P 500 dropping below its 50-day moving average. Monday was a tech wreck, with names like Facebook taking a beating. The 10-yr yield finishing unchanged at 2.84%. The CBOE Volatility Index (VIX 19.43, +0.62) spiked 25% hitting a two-week high. We need to keep an eye on the VIX and the 10-yr yield as they are indicators on the overall market. What to watch: Will the VIX settle back down as the market attempts to recover and will the yield remain under an important 3% level. Premarket action Tuesday morning is pointing to a modest gain to start the day. News to keep in mind Tuesday morning: It is reported that President Trump will announce $60 billion worth of tariffs on Chinese imports on Friday.The 10-yr note is up three basis points at 2.87%.Crude futures are up 1.3% in pre-market trading.The Federal Open Market Committee (FOMC) will be meeting this morning. Interest rates policy will be released on Wednesday afternoon. This could be a major mover of market direction. On the SPY chart below it is important the SPY holds the support line near 270. The MACD lines appear to be crossing downward and should be watched. I am looking at what the Fed does Wednesday with rates and comments to determine the direction of the markets. This is the biggest catalyst this week. Nasdaq Composite: +6.4% YTDS&P 500: +1.5% YTDDow Jones Industrial Average: -0.4% YTDRussell 2000: +2.3% YTD Goldman Sachs initiated Freeport McMoRan $FCX with a Buy rating and a $23 price target. The analyst sees shares being supported by commodity prices, supply dynamics, and healthier balance sheet. 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 posts.