Brief Recap and Updates on the MarketsSPY Charts and some Technical AnalysisIn Thursday's action: The S&P 500 lost 9 points on Thursday as disappointing economic data helped cool down the market's lengthy rally. News to keep in mind Friday morning: Futures trade vs fair value were slightly lower late last night - Dow -24, S&P -3, Nasdaq -15, Russell +0.The China trade war news and Fed watching are still the 2 biggest issues currently.Keep an eye on the VIX - The Vix is still in the mid teens. At this level and lower is a 'risk on' kind of environment.We are staying above the 50-day moving average on the S&P 500 - This level is now strong support.There might be some good progress going on with the China deal, keep your ears up for any news about it. Today's Economic Calendar: (none) Quick Notes: $TSLA Tesla (TSLA 291.23, -11.33) for its part lost 3.7% after Consumer Reports dropped its Model 3 recommendation due to the car's reliability issues. On a related note, Tesla has been under scrutiny for its untimely handling of returns and refunds.Tiger's Take: "Do NOT buy and hold this stock. There will be a big drop somewhere in its future." THE CHARTS: The markets were lower on Thursday, but did come off the lows and no technical damage was done on the charts. Do keep in mind 280 is major resistance line though. We are still above the 50-day moving average AND the 200-day moving average now. Both MAs are also rising in a very slight upward slope. A very good sign for the market technically when the moving averages are all headed in an upward sloping direction. The MACD is positive. The Stochastics are overbought. The Money Flow is positive. I see us being in a 270-280 trading range. The 50-day MA (261.55)(+.31) and the 200-day MA (272.39)(+.08) are now both support levels as well. On the 9-month chart below, the previous patterns are behind us. Shown now is the resistance level at 280. Support is found at 270. We are right back into the trading range of 270-280 before the V-dip. Russell 2000 +16.8% YTDNasdaq Composite +12.4% YTDDow Jones Industrial Average +10.8% YTDS&P 500 +10.7% YTD NOTICE: The Russell 2000 (IWM) is leading the market higher so far this year, outperforming the larger averages. $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.