If this 7-year resistance in SiMSCI is not broken, it could be here to stay. Investors could exit quickly on any bearish sign. They could decide quickly that it is more worthwhile to trade a well established range than to challenge a significant resistance with a buy-and-hold strategy.
SiMSCI follows a 30-month cycle between late 2006 to present according to this chart. If true, local stock market is reaching a top soon followed by a bottom by end of 2018.
YTD sector ETF performance indicates investor-emphasis on utilities indicating of risk aversion. Traditionally this puts stock market-economy at early to middle bear market to enter recession soon.