Dow Jones over 200 Days Moving Average

DJ Resistance:  18,351      All-time hgh
                           18,206      Breakout
                           18,104      2014 peak
                           17,978      2015 November peak
                           17,810
                           17,579      Inflection point
                         
DJ Support:     17,183      200 Days moving average
                          17,125      Old resistance
                          17,050      Strong old resistance
                          16,933.43 2015 September peak
                          16,800
                          16,667      Very strong inflection point
                          16,766     January low
                          16,468
                          16,200      Light
                          15,980      Very strong
                          15,450      Strong
                          15,370.33 Vey strong 2015 low

Technical Analysis:
The DJIA managed to climb and pass the level between DJ16,933.43 and DJ17,125 and in addition 200 days moving average DJ17,179. The S&P is just below the strong resistant at SP2,020 and 200 days moving average at SP2,023. Let's say that the DJIA backdrop is more solid than in S&P.
DJIA next target is DJ17,600 (W double bottom target) very near to the inflection point DJ 17,579. For that S&P has to break out resistances at SP2,020 and 2,023, support is at SP1,993 December low. The DJIA strong support now is DJ16,933.43 September 2015 peak.
The long term trend is still bearish and the midterm is bullish-leaning.

Please click over the chart to enlarge it.

Fundamentals:
This week we will have important economic data from U.S.A. and global like from China besides the FOMC meeting with its release on Wednesday. It seems that this year volatility will drive the financial markets, U.S.A. growth will be less than 3 % and lower earnings outlook. This last one is not disappointed because corporate earnings are coming down during the last three trimesters. I think that stocks will posts modest returns on 2,016 but higher than bonds or cash, and the risk of recession is very low.
Almost 90% of the S&P corporations have given their quarterly results and for the next we have to wait for the second trimester.
Retail sales were weak but as unemployment is strong, the market expects a consumer revitalization. This is the bull case.
Dear traders and investors, I think that this and next week the trade will be driven by the economic news not by technical analysis. If economic data will be positive, market will go up and bearish participants will close short positions in the short term but if they disappoint, supports will be tested. In the short term the market is in a bullish swing. It seems to me that DJ17,600 target is achievable.

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