Brief Recap and Updates on the MarketsSPY Charts and some Technical AnalysisIn Monday's action: The S&P 500 finished a bit lower on Monday dropping 13 points.. The index never traded in positive territory but as in the previous session the morning dip got bought. "This is a very good sign for the markets going forward." News to keep in mind Tuesday morning: Futures trade vs fair value were higher very early this am - Dow +130, S&P +12, Nasdaq +39, Russell +10.The China trade war news and Fed watching are the 2 biggest issues currently to keep an eye on.Keep an eye on the VIX - The Vix has stayed under 20 few a few days now and it appears it may signal that buying the dips is back along with taking on risk.Remember the December nonfarm payrolls increased by 312,000. A huge out performance of expectations! The economy is still doing very well if measured by the job market.Keep any eye on the S&P 500 - if pre-market gains hold there is a chance we cross back above 2,600. Today's Economic Calendar: 8:30 Producer Price Index8:30 Empire State Mfg Survey11:30 Fed's Kashkari Speech1:00 PM Fed's Kaplan Speech1:00 PM Fed's George SpeechQuick Notes: $C $PCG The S&P 500 managed to bounce off its early lows as Citigroup (C 58.93, +2.24, +4.0%) overcame an early weakness that was initially attributed to a fourth quarter revenue shortfall. Investors instead focused on the better than expected earnings results, driven in part by expense savings and a lower tax rate. Citigroup was down more than 1.0% in pre-market hours but reversed course shortly after the start of the trading. Its quick turnaround, which several traders attributed to a discounted valuation, helped lift other bank stocks and the financials. There was no coming back for PG&E (PCG 8.38, -9.21), as the company disclosed intentions to file for Chapter 11 bankruptcy protection amid the possible liability for the California wildfires. The stock consequently plunged 52.4% and was a huge drag on the underperforming utilities sector. Tiger's Take: "Citi's earnings were better than expected and gives traders hope that the other banks will also perform well. As for PG&E, it looks like the shares are going to zero as shareholders most likely will be wiped out by a bankruptcy filing." CHARTS: The SPY charts are pictured below. The first is a 4-month chart followed by a longer-term 9-month chart. The markets finished lower on Monday, but the early morning dip was bought again. The technicals are still somewhat damaged as the SPY is below both the 50-day and 200-day moving averages. The technicals have really been improving though. We are now just under the resistance at 260. There is a chance we break above that soon - maybe today. The MACD is positive. The Stochastics are at overbought. The Money Flow is really good after a huge "V" bottom formation was completed. The Vix remains a bit high still, but has been slowly drifting lower. This is a good sign for the bulls. For now we are in a 250-260 trading range.On the 9-month chart below, the previous patterns are behind us. Shown now are the resistance levels of 280 and 260. Support is found at 250 with strong support bottom at 235.Russell 2000 +6.3% YTDNasdaq Composite +4.1% YTDS&P 500 +3.0% YTDDow Jones Industrial Average +2.5% YTDNOTICE: The Russell 2000 is leading the market higher so far this year, outperforming the larger averages.$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.