At Mayor 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
                           17,179     200 Days moving average
                           17,125     Old support very strong
                           17,099     Last Monday high
                           17,050     Strong old support

DJ Support:     16,933.43 September 2015 peak
                          16,667      Very strong & inflection point
                          16,468
                          16,200      Light
                          15,980      Very strong
                          15,766      January low
                          15,450      Strong
                          15,370.33 Very strong 2015 low

Technical Analysis:
DJIA has rallied to DJIA17,125 getting only Monday high at DJ17,099. S&P did the same approaching SP2,000. This battlefield is going to gauge the strength between the bulls and bears who have begun to sell. Supports are DJ16,933.43, SP1,993 and 1,978, and the crucial DJ16,667, S&P at 1,950.
The double bottom (W) formed in DJIA and S&P charts have a target DJ17,600 but before has to overcome  DJ17,125, breakdown point, which should be a strong resistance and the break out, if done, should clear the way to the important area DJ17,600.
200 days moving average resistances are DJ17,179 and SP2,022.
Long term trend is bearish and mid-term is bullish-leaning.

Please click over the chart to enlarge it.

Fundamentals:
This week there are not many economic news but next week yes. These last days the oil prices, China exports and technical have driven the market.
For this and next week we don't  care about an increase in the interest rates, possible it is going to be postponed for June FOMC because there is not upward wage pressure. What is in the market is the lower earnings expectations for U.S.A. stock markets. Some ones call it "Earnings Recession". If forward earnings are in jeopardy that means that the market is over-valued and investors are no going to buy stocks at 19x EPS (Earnings per Share). Rationally, they would expect to buy them below 17xEPS or lower. That explains the short term bounce up of the market.
Dear traders and investors, market is still complicated. The U.S.A. economics are doing well but lastly the domestic consume is weakening. I expect a technical trade for this week and next we'll have important economic news that will drive the market. Please read carefully the Technical Analysis chapter and navigate accordingly.

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