Brief Recap and Updates on the MarketsSPY Charts and some Technical AnalysisIn Tuesday's action: Stocks rose on Tuesday as investors shrugged off a fresh round of tariffs between the world's two largest economies. Tuesday's gains maybe explained as some analysts pointed to the fact that the initial 10% tariff rate by the U.S. was not as harsh as expected and there is still hope for a resolution. News to keep in mind Wednesday morning: Markets are slightly higher in pre-market tradingAt 6:45am ET - Dow futures vs fair value: +38.00. S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +1.50. Russell 2000 futures vs fair value: -0.25.Keep an eye out for any trade headlines or political risksToday's Economic Calendar7:00 MBA Mortgage Applications8:30 Housing Starts8:30 Current Account10:30 EIA Petroleum InventoriesThe SPY charts are pictured below. The first is a 4-month chart followed by a longer-term 9-month chart. The markets were up strongly on Tuesday. The MACD lines are neutral. The Stochastics are neutral/high. The Money Flow is currently a positive. The 200-day moving average is looking strong and steady. 287 on the SPY is the current support level and resistance if any, is at the all-time highs. I expect the market to continue drifting higher even as it deals with the China trade war headlines or political turmoil. We are expecting the trend of higher lows and higher highs since April to continue. On dips or pullbacks, we may look to add to some positions while keeping an eye out on the trade wars and politics headline risks.On the 9-month chart, a nice channel featuring higher lows since April has been shown. This trend/pattern has remained strong. At worst we expect any pullbacks will not break the channel's lows. NOTE: We have had this same message for a while now, we are still in "the trend is your friend" on the 9-month chart.Nasdaq Composite +15.3% YTDRussell 2000 +11.4% YTDS&P 500 +8.6% YTDDow Jones Industrial Average +6.2% 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, additional analysis/observations during the trading day in the comments by us or our readers.