Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: The S&P 500 lost 17 points on Tuesday, as negative macroeconomic headlines and a bit of corporate news fostered some broad-based profit taking. Tuesday's decline snapped an eight-session winning streak. News to keep in mind Wednesday morning: Futures trade vs fair value were slightly higher late last night - Dow +14, S&P +1, Nasdaq +2, Russell +1.The biggest factors in the market right now are; Global Economy, China trade talks, Fed speak, and the US Treasury markets.Keep an eye on the VIX - The Vix is still down in the teens. This is a 'risk-on'level. Today's Economic Calendar: 07:00 MBA Mortgage Applications Index08:30 CPI Mar08:30 Core CPI Mar10:30 EIA Crude Oil Inventories14:00 FOMC Minutes Mar14:00 Treasury Budget Quick Notes: $BACBank stocks were particularly weak after Bank of America (BAC 28.89, -0.28, -1.0%) announced it will increase its minimum wage to $17 per hour on May 1, followed by incremental increases to $20 per hour by 2021. The wage increase raised some concerns about other banks feeling pressured to do the same and its subsequent impact on their profit-margins.THE CHARTS: The markets were lower on Tuesday. As I stated the last 2 days here, the stochastics are overbought. So a pause/pullback maybe expected followed by a return to the predominant uptrend.We are now above the SPY 285 level, which is now minor support. Both the 50-day and 200-day MAs are rising. This is a good sign for the market technically when the moving averages are all headed in an upward sloping direction. The MACD is positive. The Stochastics are overbought. The Money Flow is positive. NOTE: Due to the Stochastics being overbought, we could have short-term pullback/consolidation, but it should be bought as the MACD, the Money Flow, and other technicals are all positive. The 50-day MA (277.65)(+.50) and the 200-day MA (273.19)(+.09) are both support levels. On the 9-month chart below, the previous patterns are behind us. Shown now IS the support level at 280 with the next area of resistance at 290. Above that is the all-time high.Nasdaq Composite +19.2% YTDRussell 2000 +15.7% YTDS&P 500 +14.8% YTDDow Jones Industrial Average +12.1% YTD$SPY $DIA $IWM $QQQ 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 comments. With our Daily Trackdowns, additional analysis/observations during the trading day in the comments by us or our readers.