Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: The stock market closed lower despite positive bank earnings as President Trump says there is still a "long way to go" with China on trade. The S&P lost 10 points, but still closed above the 3,000 mark. News to keep in mind Wednesday morning: Futures trade vs fair value were near unchanged late last night... Dow +13, S&P +1, Nasdaq -1, 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 CBOE Volatility Index is now in the low-teens which is usually considered a 'risk on' area.CHINA TRADE WAR is still an ongoing concern.SEE CHART - Use caution this week as a pullback setup is present Today's Economic Calendar: Jul 17 07:00 MBA Mortgage Applications Index 07/13Jul 17 08:30 Housing Starts JunJul 17 08:30 Building Permits JunJul 17 10:30 EIA Crude Oil Inventories 07/13Jul 17 14:00 Fed's Beige Book Jul Quick Notes: (none) THE CHARTS: (NOTE: Charts are a good guide but when a tweet or news item can jerk the markets around, they mean a bit less.) The markets were slightly lower on Tuesday as we expected might happen. We leave our caution paragraph below. On the chart, we are still up near the new all-time highs. We now have a good support level at 290 and minor support at 295. CAUTION: The current setup looks like a possible pullback could take place. Weakness maybe possible as the Stochastics are high/overbought AND the last few days we have had declining volume. Also earnings season has started and could cause a bit of volatility. The GOOD News: I expect if we have a pullback, that our support levels will hold. So we have supports at 295 and 290. The only point of resistance that could be considered is at the all-time highs. We will have to see if we can stay near or above 300. I would expect a retest of that level. The MACD is positive. The Stochastics are high/overbought. The Money Flow is positive. The 50-day MA (288.32)(+.14) and the 200-day MA (275.46)(+.07) On the 9-month chart below, the previous patterns are behind us. Shown now is the support level at 290 and the new minor support level 295. Nasdaq Composite +23.9% YTDS&P 500 +19.8% YTDDow Jones Industrial Average +17.2% YTDRussell 2000 +15.8% 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. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page With our Daily Trackdowns, check back for additional analysis/observations during the trading day in the comments by us or our readers.