Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: The S&P 500 gained 20 points on Tuesday, as an early uptick in U.S. Treasury yields and gains in most global equity markets helped the markets stay positive.News to keep in mind Wednesday morning: Futures trade vs fair value were mixed last night - Dow -7, S&P +1, Nasdaq +5, Russell -1.The China trade war news and Fed watching are still the 2 biggest issues to keep an eye on.Keep an eye on the VIX - The Vix is still in the teens after dropping 10% Tuesday.We are staying above the 200-day moving average, this is the next support level under the S&P 2,800 line.We took back the S&P 500's 2,800 level Tuesday. Will we stay above it now? Today's Economic Calendar:07:00 MBA Mortgage Applications Index08:30 Trade Balance Jan08:30 Current Account Balance Q410:30 EIA Crude Oil InventoriesQuick Notes: (none) THE CHARTS: The markets were higher on Tuesday. The Vix dropped and the Treasury Yield stabilized leading to some stock buying. As I have been writing here for a while: "Do keep in mind 280 is major resistance line." - Seems we are stuck dancing near it as the bulls and bears fight. Both the 50-day and 200-day MAs are rising. This is a good sign for the market technically when the moving averages are all headed in an upward sloping direction. The MACD is neutral. The Stochastics are neutral and dropping. The Money Flow is a slight negative. Currently we are in between strong resistance and good support. Negative is that we have gone pretty high up into a tough resistance area and higher valuations. Positive is we are seeing strong momentum and some bullish technicals. The 50-day MA (272.91)(+.47) and the 200-day MA (272.55)(+.05) are both support levels. On the 9-month chart below, the previous patterns are behind us. Shown now WAS/IS the support level at 280. Next support level is the 200-day moving average near 272.50 and the next resistance level is at 285. Nasdaq Composite +15.9% YTDRussell 2000 +13.3% YTDS&P 500 +12.4% YTDDow Jones Industrial Average +10.0% 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. 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.