Brief Recap and Updates on the MarketsSPY Charts and some Technical AnalysisIn Friday's action: The S&P 500 gained 34 points or 1.3% on Friday. A very positive day boosted by trade talk optimism and waning concerns about the U.S. economic outlook. News to keep in mind Tuesday morning: Futures trade vs fair value were lower late last night - Dow -170, S&P -18, Nasdaq -62, Russell -11.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 awhile now and it appears it is signaling 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.We are back above 2,600 on the S&P 500 AND the 50-day MA - That level is now support on any pullbacks or dips.Today's Economic Calendar: 8:55 Redbook Chain Store Sales10:00 Existing Home SalesQuick Notes: $TSLA In corporate news, Tesla (TSLA 302.26, -45.05) was a story stock after it dropped 13.0% following plans to reduce its full-time staff by approximately 7%. The company hopes that the reduction could help it produce its Model 3 at a more affordable price point for the masses. Tiger's Take: "Good luck with that - avoid trading in this stock."CHARTS:The markets finished higher Friday closing for a second day above the 50-day MA on the SPY. This is very good for the bulls. The Vix remains a bit high still, keep an eye on it. It appears we are entering a new trading range of 260 up to the 200-day MA (271.37). The MACD is positive. The Stochastics are at overbought. The Money Flow has been really good after a huge "V" bottom formation was completed. The futures were a bit lower early this morning, we could see a little pullback but I expect the 50-day MA and the 260 level to be good support.On the 9-month chart below, the previous patterns are behind us. Shown now is the resistance level/top at 280. Support is found at 260 and 250 with strong support at the V bottom at 235.Russell 2000 +9.9% YTDNasdaq Composite +7.9% YTDS&P 500 +6.5% YTDDow Jones Industrial Average +5.9% YTDNOTICE: The Russell 2000 is leading the market higher so far this year, outperforming the larger averages.$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.