Brief Recap and Updates on the MarketsSPY Chart and some Technical Analysis Stocks were mostly flat to a bit lower in Thursday's trading. News to keep in mind Friday morning: Markets are slightly lower on all the averages in pre-market trading.At 8:00am EST - Dow futures vs fair value: +64.00. S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +7.50.10-yr Treasury yields go to 3.10% - Keep an eye on how this affects the market. Today's Economic Calendar: 3:00 Fed's Mester Speech9:15 Fed's Kaplan Speech9:15 Fed's Reserve Gov. Lael Brainard Speech1:00 PM Baker-Hughes Rig Count On the SPY chart below it is important to note the SPY is still above its 50-day MA. The MACD lines are positive. The Stochastics are overbought. The Chaikin is showing a modest amount of money flowing into the markets. We have had a strong advance from 262 to 273 followed by a sharp one day pullback. We have what appeared to be another TOPPING CANDLE. However, this maybe just marking the top of a new short-term trading range. We will continue to use caution buying dips and also selling the rips. The MACD is positive while the Stochastics are overbought. Money flow is currently a positive for the markets. I am now using a trading range with support at 270 and resistance level around 274. * - The market is a bit short-term overbought and in consolidation mode. In the longer term chart we are still looking at a large declining triangle. Recently we broke above the declining tops line. But the question now is, will we get pulled back down into the triangle or move away from it? Nasdaq Composite +6.9% YTDRussell 2000 +5.8% YTDS&P 500 +1.7% YTDDow Jones Industrial Average UNCH YTD 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, we may add additional analysis/observations during the trading day in the comments.