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The S&P 500 has been on an impressive run lately. Despite many headwinds from around the globe, the index has risen nearly 6% since July 24 and almost 11% since touching 1277.25 back on June 1.

It's now just 0.3% away from its 2012 high of 1422.38:

But after 6 weeks of steady gains, will this rally finally run out of steam? The last time the index rallied for more than 6 weeks in a row was in late December of 2011 through early February of this year. And that streak ended at 7. Before that it was December 2010 - January 2011, and that streak also ended at 7.

And how much resistance, if any, will this year's previous high of 1422 provide? With little economic data due out this week and earnings season now behind us, I'm not sure what the catalyst would be for a break out to new highs. Of course, this rally has defied many skeptics already, so I'm not counting anything out.

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