Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Friday's action: he S&P 500 dropped a huge 54 points on Friday, as weak manufacturing data out of Europe added to worries about the pace of global economic activity. Growth concerns were also reflected by another drop in U.S. Treasury yields.News to keep in mind Monday morning: Futures trade vs fair value were slightly higher last night - following the release of the Mueller report.The China trade war news and Fed watching are still the 2 biggest issues to keep an eye on.Keep an eye on the VIX - The Vix is still in the teens even after spiking up 20% Friday. I am looking for it to settle back down a bit. We are staying above the 200-day moving average, this is the next support level under the S&P 2,800 line.Will there be knee jerk reactions in the market due to the political news of the Mueller report?Today's Economic Calendar: (none)Quick Notes: In earnings news, Dow component Nike ($NKE 82.19, -5.82, -6.6%) didn't help ease growth concerns after it reported underwhelming growth in North American sales. Nike did beat earnings estimates, but that wasn't enough.THE CHARTS: The markets were much lower on Thursday. As I have been writing here for a while: "Do keep in mind 280 is major resistance line." - Seems we are stuck dancing near it as the bulls and bears fight. Both the 50-day and 200-day MAs are rising. This is a good sign for the market technically when the moving averages are all headed in an upward sloping direction. In addition, we are heading towards a "golden cross" as the 50-day is poised to cross back above the 200-day. The MACD is neutral. The Stochastics are neutral and dropping. The Money Flow is a slight negative. Currently we are in between strong resistance and good support. Negative is that we have gone pretty high up into a tough resistance area and higher valuations. Positive is we are seeing strong momentum and some bullish technicals, like the impending 'golden cross'. The 50-day MA (272.02)(+.55) and the 200-day MA (272.47)(+.05) are both support levels. On the 9-month chart below, the previous patterns are behind us. Shown now WAS the support level at 280. Next support levels are the 200-day moving average near 272.50 and the 270 line. Nasdaq Composite +15.2% YTDRussell 2000 +11.7% YTDS&P 500 +11.7% YTDDow Jones Industrial Average +9.3% YTD$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.