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1) While the index has enjoyed big gains recently, a few technical indicators (namely MFI, RSI, ROC indicator and MACD histogram) have signaled bearish divergences to the price action over the last three weeks.
2) This heightens the chances of a near term reversal at the upper channel resistance line and as such, selling into strength could be a better short term strategy in the days ahead.
3) The earnings season starting this week will no doubt be one of the key drivers (up or down) of the index's performance in the coming weeks.
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