Brief Recap and Updates on the MarketsSPY Chart and some Technical AnalysisStocks down on Tuesday as concerns over trade with China weighed on the markets.News to keep in mind Wednesday morning: Markets are lower on all the averages in early pre-market trading.At 9:10am ET - Dow futures vs fair value: -150.00. S&P futures vs fair value: -15.00. Nasdaq futures vs fair value: -56.00.10-yr Treasury yields are still over 3.00% - Keep an eye on how this affects the market.The VIX is up over 9% in pre-market tradesToday's Economic Calendar 7:00 MBA Mortgage Applications9:45 PMI Composite Flash10:00 New Home Sales10:30 EIA Petroleum Inventories11:30 Results of $16B, 2-Year FRN Auction1:00 PM Results of $36B, 5-Year Note Auction2:00 PM FOMC minutesOn the SPY chart below it is important to note the SPY is still above its 50-day MA. The MACD lines are positive. The Stochastics are neutral. The Chaikin is showing a small amount of money flowing into the markets. I am now using a trading range with support at 270 and resistance level around 274. I have used the tops of the latest candles at 274, to mark the top of a new short-term trading range. On Tuesday, the markets hit that 274 resistance level and reversed confirming it. With the pre-market declines Wednesday morning we may now be on the way back down to test the 270 support level. The MACD is positive while the Stochastics are neutral. Money flow is currently a slight positive for the markets but has been declining. We are back to using caution buying dips and also selling the rips. * - Tuesdays decline created a bearish engulfing candle. In pre-market trading the markets are lower with the VIX rising over 9% so far. Keep a close eye on the 270 level it needs to hold or we risk lower levels.In the longer term chart, we are still looking at a large declining triangle. Recently we broke above the declining tops line. I marked 270-275 as the latest range or congestion area to watch.Nasdaq Composite +6.9% YTDRussell 2000 +5.8% YTDS&P 500 +1.9% YTDDow Jones Industrial Average +0.5% 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, we may add additional analysis/observations during the trading day in the comments.