Brief Recap and Updates on the MarketsSPY Chart and some Technical AnalysisIn Thursday's action: The market opened flat, but dropped sharply about 30 minutes into the session. The S&P 500 settled near the bottom of its daily range. News to keep in mind Friday morning: Markets are higher in pre-market trading - attempting to rebound after Thursday's lossesAt 8:35am ET - Dow futures vs fair value: +140.00. S&P futures vs fair value: +14.50. Nasdaq futures vs fair value: +28.00.Watch out for any headline risk about trade war news or politicsThe VIX is down about 9% in pre-market tradingToday's Economic Calendar 9:45 PMI Composite Flash1:00 PM Baker-Hughes Rig CountThe SPY charts are pictured below. The first is a 3-month chart followed by a longer-term 9-month chart. We have remained above my short-term support level at 273 and then retreated away from my 278 resistance level. Stock prices may stay in this range until some catalyst breaks us one way or the other. The MACD lines are sightly negative after a cross down. The Stochastics are neutral and headed downwards. The Money flow is currently a slight positive for the markets. We are continuing to use caution buying the dips and also selling the rips. The break out above 273 was a significant move. The market has shown some strength this week as early morning dips were bought. But keep an eye on headline risk due to political or trade wars news. For now we seem range bound. * -- Note: In the last 2-3 weeks the volume has been greater on the down days. -- *In the longer term chart, we are now marking a trading range of 270-280. A break above or below could be significant.Nasdaq Composite +11.7% YTDRussell 2000 +10.0% YTDS&P 500 +2.9% YTDDow Jones Industrial Average -1.0% 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.