Brief Recap and Updates on the MarketsSPY Charts and some Technical Analysis In Thursday's action: The S&P 500 dropped 8 points on Thursday, although it had dropped much more early on concerns about an elongated trade war with China. Bad news market was down again, but good news the dip was bought today. News to keep in mind Friday morning: Futures trade vs fair value were slightly higher late last night. Dow +13, S&P +1, Nasdaq +4, Russell +3.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 closed well off session highs on Thursday. I see this as a sign of a bottom of the pullback in the marketsCHINA TRADE WAR is back on - Shaking up the markets again.Today's Economic Calendar: 08:30 CPI April08:30 Core CPI April14:00 Treasury Budget AprilQuick Notes: (none)THE CHARTS: The markets were down on Thursday with another heavy volume day in the SPY. The dip was bought though as the markets ended much higher than the early lows. We are still above the SPY 280 level, which is strong support. The 290 level may be considered resistance. We said in the previous few days the 285 area maybe the place to buy the dip. I am thinking 285 will be support and hold up to any additional selling pressure. So far it has. The 50-day and 200-day MAs are still both rising. This is a good sign for the market technically when the moving averages are headed in an upward sloping direction. The MACD is positive, but declining. The Stochastics are neutral. The Money Flow is positive. The 50-day MA (285.26)(+.18) and the 200-day MA (275.18)(+.05) are both support levels. On the 9-month chart below, the previous patterns are behind us. Shown now is the support levels at 280 and new resistance at 290. We are now just below the area of the all-time highs which can also be considered resistance. We are possibly stuck in a 285-290 trading range. Nasdaq Composite +19.2% YTDRussell 2000 +16.4% YTDS&P 500 +14.5% YTDDow Jones Industrial Average +10.7% 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.