Brief Recap and Updates on the MarketsSPY Charts and some Technical AnalysisIn Thursday's action: The S&P 500 lost 7 points on Thursday, but came back from a lower start to finish well above its session lows. The dip was bought somewhat again. However, the futures overnight are pointing to another lower open in the morning Friday. News to keep in mind Friday morning: Futures trade vs fair value were lower late last night - Dow -110, S&P -12, Nasdaq -40, Russell -6.The China trade war news and Fed watching are still the 2 biggest issues currently to keep an eye on.Keep an eye on the VIX - The Vix it has been staying in the mid-teens. A small 3% jump was seen on Thursday though. maybe an indication the market needs a breather/pullback before continuing its latest uptrend.We are staying above the 50-day moving average on the S&P 500 - This level is now strong support. Today's Economic Calendar:8:30 Empire State Mfg Survey8:30 Import/Export Prices9:15 Industrial Production9:55 Fed's Bostic: “Workforce Development”10:00 Consumer Sentiment1:00 PM Baker-Hughes Rig CountQuick Notes: $KO $AIGDow component Coca-Cola (KO 45.59, -4.20, -8.4%) dropped after it disappointed with its FY19 earnings guidance. American Intl. Group (AIG 40.19, -3.99, -9.0%), which fell well short of consensus earnings estimates for the December quarter, was a notable drag on the financial sector.THE CHARTS: The markets were a bit lower on Thursday, but ended off the lows as an attempt to but the dip took place. With the futures down overnight we are looking at a lower open Friday morning. Use a bit of caution and keep mindful of how far we have come since the lows back in late December. There is always a possibility of a pullback. I do not expect it of being severe as the moving averages and the 270/260 levels provide many spots of support. Also keep in mind 280 is major resistance line. We are still above the 50-day moving average AND the 200-day moving average now. Both MAs are also rising in a very slight upward slope. A very good sign for the market technically when the moving averages are all headed in an upward sloping direction. The MACD is positive. The Stochastics are neutral/high. The Money Flow is positive. I see us possibly entering a 270-280 trading range. The 50-day MA (260.86) and the 200-day MA (272.04) are now both support levels. On the 9-month chart below, the previous patterns are behind us. Shown now is the resistance level at 280. Support is found at 260, and minor support at 270 now. We are right back into the trading range of 260-280 before the V-dip.Russell 2000 +14.6% YTDNasdaq Composite +11.9% YTDS&P 500 +9.5% YTDDow Jones Industrial Average +9.1% YTD NOTICE: The Russell 2000 (IWM) is leading the market higher so far this year, outperforming the larger averages.$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.