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S&P to try to hold highs in lull ahead of earnings season

After the S&P's record close, macroeconomic and geopolitical news will likely dominate U.S. market action Tuesday ahead of the bank earnings reports due later in the week.

"First, I think the market wants to see if it can hold this 2,130 level. The old resistance becomes the new support," said Robert Pavlik, chief market strategist at Boston Private Wealth.

He said investors will then be watching Alcoa, which posted earnings after the close Monday that topped expectations on both the top and bottom line. Shares of the traditional earnings season bellwether stock rose more than 4 percent in after-hours trading.

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