The trailer for Spider-Man: Far From Home was released on Tuesday, and it was well worth the wait. It has everything: action, humor, mystery, romance, and a very sneaky Nick Fury, who is for some reason gallivanting around in Europe.

Not only do we get a good look at Peter Parker’s new suits, but we finally get to see Jake Gyllenhaal’s Mysterio, who may or may not be a good guy. (Our money is on him pretending to be a hero but eventually butting heads with Spider-Man.)

There’s a lot to unpack in the trailer, so let’s get to it. As a reminder, Spider-Man: Far From Home hits theaters on July 5, 2019.

The trailer makes it seem like we’re picking up right after Spider-Man: Homecoming. At a youth shelter in New York City, Aunt May (Marissa Tomei) is using Spider-Man as a way to raise money. Only she knows Spider-Man’s true identity, which basically means she’s exploiting her grandson.

After celebrating a successful press conference, Happy Hogan (Jon Favreau) arrives with a check for $500,000 (and signed by Pepper Potts). In the first film, Happy was a pretty terrible guardian for Peter, but now he seems to be more involved—or could it be that he just wants to spend more time with Aunt May?

Based on the title we knew that Spidey would be going overseas on some kind of school trip, and that’s exactly what happens. We’re not really sure why his school is going over to Europe, but after everything Peter has been through, he jumps at the opportunity to take a break and enjoy his adolescence.

That means leaving his Spider-Man suit behind, allowing him to focus on spending time with his friends as Peter Parker, rather than being distracted by fighting crime and saving the world. As Peter is packing, we get a shot of his suitcase with the initials BFP engraved onto it, no doubt a reference to Uncle Ben (Ben F. Parker).

What people love most about Peter Parker is that he always feels grounded, and that’s very much the case in the trailer. While enjoying the sights of Europe, Peter tells MJ (Zendaya) that she looks very pretty, to which she responds with a sarcastic quip before returning the complement. Part of the new film will explore his budding relationship with MJ, though we’re not really sure is it’ll blossom into full on boyfriend and girlfriend.

Just when things are going well, that’s when Nick Fury (Samuel L. Jackson) comes into the picture. Out of every Avenger Fury has worked with, he decides that Peter Parker, a young kid on vacation, is the right man to help stop a new threat. And Fury is a little aggressive about convincing Spidey to help.

Not only does he knock out Ned (Jacob Batalon), but he slinks in the dark and takes on a kind of villain posture. “So nice to finally meet you,” Fury says, in a kind of taunting way. (I really don’t think Fury is a villain here, but it’s just a little odd how menacing he feels in this particular scene. Like, tone it down a notch!)

Slowly, the trailer reveals that there’s a threat wreaking havoc across Europe—specifically, London. That threat is known as the Elementals, a mysterious group that somehow traveled from another universe into our own before 3500 B.C. In the trailer we see Magnum (a beast made of rock), Zephyr (elemental of air), Hellfire (elemental of flame), and Hydron (elemental of water).

It’s unclear how Fury expects Spider-Man to stop them or even why they’re suddenly causing trouble across Europe. But Spider-Man doesn’t hesitate to swing into action in his new red and black suit. But that’s not the only new suit he wears; we also get a quick look at his new stealth suit, which showed up in set pictures a few months back.

One of the more interesting parts of the trailer comes when Happy tells Peter, “You’re all alone, your friends are in trouble. What are you gonna do about it?” We’re not really sure if the trailer cut together two separate lines or if the dialog is taken out of context to fit the narrative, but it feels like Happy is saying there aren’t any Avengers to help, which is strange.

That further muddies the timeline of this movie. Going in, we thought this took place directly after Avengers: Endgame—you know, since Peter is alive and everything. But now we’re not so sure. Could this be before Avengers: Infinity War? If it is after Endgame, where are the other Avengers?

In any case, the trailer saves the debut of  Quentin Beck a.k.a. Mysterio (Jake Gyllenhaal) for last—and wearing his patented fish bowl helmet! In the comics, Mysterio is typically portrayed as a villain, but in the trailer, he’s fighting against the Elementals. Rumor has it he was hired by Fury as some kind of expert on the creatures, but the trailer doesn’t confirm that one way or the other.

It’ll be interesting to see how Gyllenhaal’s character is incorporated into the film. There’s already some speculation that he gains favor with Fury as a way to infiltrate SHIELD, where he and a powerful group of superhumans do some nasty things behind the scenes.

Before the trailer cuts out, we get a funny exchange between Flash Thompson (Tony Revolori) and Peter Parker. While watching a news broadcast of Mysterio fighting Hydron, Flash says that the character is cool, but not quite as cool as Spider-Man. “I really respect him,” Flash says, before turning to Peter and calling him a name. Little does he know that Peter is Spider-Man.

The trailer mostly shows Peter and his friends over in Europe, though we know that a few scenes were also filmed in NYC, with Spider-Man wearing his new red and black suit. We’re not entirely sure if those scenes take place before or after the events in Europe, but one would assume they happen after since Spidey doesn’t have that new suit before going on his trip.

We really just want to know when this movie takes place. Seeing Spider-Man alive in the newest trailer doesn’t necessarily confirm that he’ll come back to life in Avengers: Endgame, though it would be insane if he didn’t. Either way, we’ll get all the answers we need when Spider-Man: Far From Home hits theaters on July 5, 2019.