Bear-bull Battleground in Key Resistance

DJ Resistance:  18,351      All-time high
                        18,206      Breakout
                        18,104      2014 peak
                        17,978      November 2015 peak
                        17,810
                        17,579      Inflection point
                        17,242      200 Days moving average
                        17,125      Old support
                        17,050      Old strong support
                        16,933.43 September peak
                        16,667      Very strong
                        16,628      50 Days moving average
                        16,468

 DJ Support:    16,200     Light
                        15,980     Strong
                        15,766     January closing low
                        15,450     Strong
                        15,370.33 Very strong 2015 low

Technical Analysis:
The market bounced up forming a W bottom and it stopped just in the key resistance which is a bear-bull battleground (DJIA 16,667 and S&P 1,950). If W bottom breaks up the resistance it would be a great victory for the bulls but its fight will be harsh and long. They need to sleep and stay over DJ 16,667 to look for the next up leg and chart repairs.
50 days moving average worked as resistance (DJIA 16,628 and S&P 1,947). Market touched them and retraced this Tuesday. It was very technically (please watch it on the chart). Next support is at DJ16,200.
DJIA is stronger than S&P this time.
The charts in the long term maintain its bearish-leaning trend, in the immediate outlook DJIA and S&P should try again to attempt against the resistances and if they fail we will visit the strong supports to say the least.

Please click over the chart to enlarge it.

 Fundamentals:
The Monday and initially Tuesday up move came from oil up move which today was stopped by oil minister of Saudi Arabia oil minister remarks about refuse to cut production. Its idea is to satisfy its clients.
Energy business based on a U.S.$ 100.- per barrel could fail and the banks which finance them are risking big losses.
Investors are fearful about banks' liquidity. Last week Deutsche Bank CEO said "solid as a rock" and the market sold it off. We can also see how much the cost to insure banks' debt have soared Deutsche Bank 180% and Credit Suisse has been affected too. Personally I think that today banks are better capitalized than in 2008.
U.S.A., EU, and some Asian countries are doing well. Consumer spending and Confidence based on a strong labor market besides earnings season are driven good sales for different industries like cars, housing and naturally entertainment. Indexes are not in its all-time high and we are facing price corrections, what happens or what fear is in the air? Recession fears are in the air.
Dear traders and investors, the trend shifted to the down side in the long term but in the short term it is not clear because the indexes are over strong supports. I expect lower stock prices that would be healthy for the financial markets because lower P/E.

Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises