Brief Recap and Updates on the MarketsSPY Charts and some Technical AnalysisIn Monday's action: S&P 500 lost 54 points on Monday, as uncertainty surrounding a host of issues continued to drive the inclination to sell into strength and to reduce risk exposure to stocks. News to keep in mind Tuesday morning: Futures trade slightly higher early last night - Dow +80, S&P +4, Nasdaq +18.Keep an eye out for any trade headlines or political risks.Wednesday is the Fed decision on interest rates and their view going forward. VERY IMPORTANT this time around.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 - it is wellover 20 which means the market is vulnerable to large price swings.Today's Economic Calendar:FOMC meeting begins8:30 Housing Starts8:55 Redbook Chain Store SalesThe SPY charts are pictured below. The first is a 4-month chart followed by a longer-term 9-month chart. The markets finished much lower again on Monday ending right near the important 255 support level. The technicals are still damaged due to being below both the 50-day and 200-day moving averages. Resistance levels are now at 280 and both of the moving averages. Support is at the previous April low of 255. We MUST hold the 255 level as I don't see the next support level. The MACD is negative. The Stochastics are neutral. The Money Flow is currently negative after the latest sell-offs. I will be watching for some signs of a buy-able support level/bounce area. Happy Trading!On the 9-month chart below, the nice channel from April to September has been shown. This trend/pattern was broken to the downside. Awaiting the emergence of the next pattern. The 200-day moving average and 280 are the resistance levels. We will have to see where we can find support. The next level to consider is 255 (the April low). We are right above that level now.Nasdaq Composite -2.2% YTDDow Jones Industrial Average -4.6% YTDS&P 500 -4.8% YTDRussell 2000 -10.3% 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.