Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Tuesday's action: The S&P 500 dropped 23 points on Tuesday in a low volume trading session. Traders are waiting for the release of the minutes from the last FOMC meeting and Fed Chair Powell's upcoming speech at Jackson Hole on Friday. News to keep in mind Wednesday morning: Futures trade vs fair value were slightly higher late last night... Dow +19, S&P +4, Nasdaq +19, Russell +1.The biggest factors in the market right now are; Global Economy, China trade talks, Fed speak, and the US Treasury markets.Keep an eye on the VIX - The CBOE Volatility Index is under 20. It is still a bit high, bit has come down to a non-panic level. If it can drop back under 15, that could be the green light that more risk can be put on/buying again.CHINA TRADE WAR is still an ongoing drama! Today's Economic Calendar: 10 am Existing home sales July2 pm FOMC minutes THE CHARTS: (NOTE: Charts are a good guide but when a tweet or news item can jerk the markets around, they mean a bit less.) The markets ended lower on Tuesday, which did not change the charts much. The MACD is still negative, but has started to curl upwards or flatten out. The Money Flow continues to be positive. We still reiterate the note above, as the charts mean a bit less when a tweet or news item jolts the market without notice. *Repeating* - Due to MANY different geopolitical concerns we are still staying cautious, but more optimistic than last week. (Meaning not starting any new large long positions, taking some profits.) Our strong support line of 280 still has not failed us and 282 has turned into a strong support level as well. The 294 level shows up as a point of resistance as the last few rallies could not clear over that mark and now appears to be a strong resistance point. So we are still in a 282-294 trading range, with a midpoint line at 288. My current opinion is we are range bound until some certainty is seen. So we are in a 282-294 range inside of a larger 280-300 range. We do look to see now if 288 could become a support level next. * Look for the MACD to bottom, that would mark a good buying point. * The MACD is negative, but turning upwards. The Stochastics are neutral. The Money Flow is positive. The 50-day MA (293.98)(+.05) and the 200-day MA (277.85)(+.12) On the 9-month chart below, the previous patterns are behind us. Shown now is the support level at 280 and the top just over the 300 level. We are in a 280 to 300 trading range for now. Nasdaq Composite +19.8% YTDS&P 500 +15.7% YTDDow Jones Industrial Average +11.3% YTDRussell 2000 +11.1% 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. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page With our Daily Trackdowns, check back for additional analysis/observations during the trading day in the comments by us or our readers.