Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: The major indexes were mixed and generally flat as investors continue to wait on the Fed news coming Wednesday. The Dow lagged as industrials were weighed on by a downgrade of 3M ($MMM) this morning. News to keep in mind Wednesday morning: Futures trade vs fair value were near unchanged late last night... Dow +3, S&P -0, Nasdaq +5, Russell -0.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.Extra anxiety ahead of the Fed monthly minutes and Chairman Powell's testimony Today's Economic Calendar: 07:00 MBA Mortgage Applications Index 07/0610:00 Wholesale Inventories May10:00 Fed Chair Powell Testimony10:30 EIA Crude Oil Inventories 07/0614:00 FOMC Minutes Jun 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 mixed on Tuesday in await for the news session. On the chart, we are still up near the new all-time highs. We now have an established support level at 290. The current setup looks like we are going to continue drifting sideways or upwards. Although some weakness maybe possible first come due to the Stochastics being overbought. I would consider 294 as an area of minor support. The only point of resistance that could be considered is at the all-time highs and at 300 as it is a big round number. New trading range we see is 294 to 300 as we consolidate the latest rally's gains. The MACD is positive. The Stochastics are overbought/high. The Money Flow is positive. The 50-day MA (287.50)(+.11) and the 200-day MA (275.14)(+.06) On the 9-month chart below, the previous patterns are behind us. Shown now is the strong support level at 280 and the new support level 290. Nasdaq Composite +22.7% YTDS&P 500 +18.9% YTDRussell 2000 +15.9% YTDDow Jones Industrial Average +14.8% 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, additional analysis/observations during the trading day in the comments by us or our readers.