Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Friday's action: The S&P 500 lost 4 points on Friday, dragged lower on weakness in the semiconductor space after Broadcom ($AVGO 265.93, -15.68, -5.6%) warned of a slowdown in demand. At the same time, retail sales and industrial production picked up in May in a reminder that U.S. economy is still in decent shape. But, China reported it's slowest industrial output growth in May since 2002. News to keep in mind Monday morning: Futures trade vs fair value were higher late last night... Dow +87, S&P +10, Nasdaq +27, Russell +4.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 Empire State Mfg Survey10:00 NAHB Housing Market Index4:00 PM Treasury International CapitalQuick Notes: (none) 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 lower on Friday. 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. If we break down - the 50-day moving average looks like it may act as support now and contain any weakness (287). If we break up - the all-time highs 294/295 is the next resistance. The MACD is turning up. The Stochastics are overbought. The Money Flow is neutral. The 50-day MA (287.18)(+.05) and the 200-day MA (275.70)(+.02) 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 +17.5% YTDS&P 500 +15.2% YTDRussell 2000 +12.9% YTDDow Jones Industrial Average +11.8% 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.