Failed first attempt to the upside

DJ Resistance:  18,351      All-time high
                        18,206      Breakout
                        18,104      2014 peak
                        17,978      November peak
                        17,810
                        17,579      Inflection point
                        17,391      200 Days moving average
                        17,125      Old support
                        17,050      Old strong support
                        16,933.43  September peak
                        16,667      Important for next up leg
                        16,410
                        16,232

DJ Support:     15,980      Strong
                        15,842
                        15,450      January low
                        15,370.33 2015 low very strong

Technical Analysis:
DJIA did a big upside attempt last week especially on Friday after Bank of Japan negative interest rates policy. The attempt didn't have a follow through, it was a dead cat bounce. DJ16,667 is a very important resistance, the index has to sleep over it to think about the pending repairs of charts. This breakout would be or considered a technical advance for the bulls and would trigger a potential upside move.
DJ15,980 and 15,450 should be strong supports.
The trend has shifted to bearish-leaning for the long term.

Please click over the charts to enlarge them.

Fundamentals:
As I explained last week the market blamed China for failling oil prices. But if we see the China oil imports in 2014 it was 3,000,000,000 barrels and in 2015 3,351,000,000 barrels. That means 10% more barrels were imported in 2015 than 2014. The oil problem is on the supply side, Saudi Arabia and OPEC are the bigger suppliers and they are supplying.
Market is correlating oil prices with stocks, when oil prices go down stocks prices also go down. That could be true in the last weeks but certainly there is not correlation between them, for that it is enough to see a chart with the prices from January 2014 to January 2016.
I would like to tell you what is going to happen with the stock market this 2016 but I am not a magician. I pick up information and process it to determine the path of the stock market but currently I find so much confusion.
The market has have a big swing during January, 12% to the downside and a bounce up of 7% in the S&P. I expect more of these swings.
Dear traders and investors, fear is what is driven the stock market, that is the reason why stock prices seem to follow oil prices.

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