Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Wednesday's action: The S&P 500 dropped 4 points on Wednesday, as investors remained cautious about a U.S.-China trade deal. Overall the markets ended slightly lower as we 'wait and see' what happens with trade talks/rumors. News to keep in mind Thursday morning: Futures trade vs fair value were higher late last night. Dow -47, S&P -7, Nasdaq -30, Russell -5.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 a bit high and is just under 20.CHINA TRADE WAR is back on - Shaking up the markets again.PACKED Economic Calendar Today. Maybe traders will remember the economy is doing well. Today's Economic Calendar: 8:30 Initial Jobless Claims8:30 International Trade8:30 Producer Price Index8:30 Jerome Powell: “Renewing the Promise of the Middle Class”10:00 Wholesale Trade10:30 EIA Natural Gas Inventory10:45 Fed's Bostic: Economic Outlook and Monetary Policy1:00 PM Results of $19B, 30-Year Note Auction1:15 PM Fed's Evans: “Renewing the Promise of the Middle Class”4:30 PM Money Supply4:30 PM Fed Balance Sheet Quick Notes: $LYFT Shares of Lyft (LYFT 52.91, -6.43) dropped 10.8% after the company missed earnings estimates by a wide margin. The stock was also pressured by many ride-hailing drivers around the world turning off their apps Wednesday in protest for better pay, benefits, and worker protections.Tiger's Take: Avoid Lyft. THE CHARTS: The markets were slightly down on Wednesday with another heavy volume day in the SPY. We are still above the SPY 280 level, which is strong support. The 290 level may be considered resistance. We said in the previous few days the 285 area maybe the place to buy the dip. I am thinking 285 will be support and hold up to any additional selling pressure. The 50-day and 200-day MAs are still both rising. This is a good sign for the market technically when the moving averages are headed in an upward sloping direction. The MACD is positive, but declining. The Stochastics are neutral. The Money Flow is positive. The 50-day MA (285.08)(+.18) and the 200-day MA (275.13)(+.06) are both support levels. On the 9-month chart below, the previous patterns are behind us. Shown now is the support levels at 280 and new resistance at 290. We are now just below the area of the all-time highs which can also be considered resistance. We are possibly stuck in a 285-290 trading range. Nasdaq Composite +19.7% YTDRussell 2000 +16.8% YTDS&P 500 +14.9% YTDDow Jones Industrial Average +11.3% 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.