Brief Recap and Updates on the MarketsSPY Charts and some Technical AnalysisIn Tuesday's action: The S&P 500 lost the morning rebound effort to close Tuesday with a loss. The index had climbed early on U.S.- China trade optimism, but energy stocks eventually led the broader market lower as oil prices continued to plummet. News to keep in mind Wednesday morning: Markets are lower in pre-market tradingAt 5:00am ET - Dow futures vs fair value: -30.00. S&P futures vs fair value: -6.25. Nasdaq futures vs fair value: -42.50. Russell 2000 futures vs fair value: -5.00.Keep an eye out for any trade headlines or political risksKeep an eye on the VIX - it is up 5% in pre-markets Today's Economic Calendar:7:00 MBA Mortgage Applications8:30 Consumer Price Index9:00 Fed's Reserve Vice Chairman for Supervision Governor Quarles Semi-Annual Testimony10:00 Atlanta Fed's Business Inflation Expectations5:00 PM Jerome Powell Speech5:00 PM Fed's Kaplan SpeechBiggest problems for the markets right now is the FED raising rates, China trade war, and political uncertainty. I marked out 270 as a support level for the SPY. So far we have held above that, but the tech wreck keeps rattling the markets. The MACD is neutral. The Stochastics are neutral and declining quickly. The Money Flow a bit weaker but still positive. Watch the 200-day Moving Average: We are currently below it. This level is often mentioned by traders, but more importantly it is in many computer trading algos. It seems when under the 200-day the algos have a selling bias and when over the 200-day a buying bias. The 200-day can also be used as a moving resistance or support line.On the 9-month chart, the nice channel since April has been shown. This trend/pattern was broken to the downside. Awaiting the emergence of the next pattern. The 270 line is support now, Resistance at 280.Nasdaq Composite +4.3% YTDDow Jones Industrial Average +2.3% YTDS&P 500 +1.8% YTDRussell 2000 -1.4% 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.