Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Thursday's action: The S&P 500 gained 11 points on Thursday, lifted by shares of energy companies as oil prices rose after two oil tankers were attacked off the coast of Iran. Buyers in the last few minutes of trading boosted the index from near session lows to close out the session on a high note. News to keep in mind Friday morning: Futures trade vs fair value were mixed late last night... Dow +28, S&P +2, Nasdaq -5, 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 back down in the mid-teens.CHINA TRADE WAR is still an ongoing concern. Today's Economic Calendar: 8:30 am Retail sales May8:30 am Retail sales ex-autos May9:15 am Industrial production May9:15 am Capacity utlilization May10 am Consumer sentiment index June10 am Business inventories AprilQuick Notes: $DISThe communication services sector (+1.1%) received a lift from shares of Walt Disney (DIS 141.74, +6.02, +4.4%) after its price target was raised to $160 from $125 at Morgan Stanley. 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 were higher on Thursday. On the charts, we still have an obvious top/resistance point at 290/291. Our strong support level is at 280 and our strong resistance level is at 290. So for now, a big 280-290 trading range until something breaks either way. The 50-day moving average looks like it may act as support now and contain the weakness (287). The MACD is turning up. The Stochastics are high/overbought. The Money Flow is slightly negative now. The 50-day MA (287.13)(+.08) and the 200-day MA (275.68)(+.03) On the 9-month chart below, the previous patterns are behind us. Shown now is the re-established support level at 280 and the resistance at 290. Nasdaq Composite +18.1% YTDS&P 500 +15.4% YTDRussell 2000 +13.9% YTDDow Jones Industrial Average +11.9% 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.