"The market's less than 1 percent from its recent highs, sentiment's fragile and starting to turn, we're in Fed taper-watch mode and I think we're going to see a bumpy road for the economy," said Art Hogan, managing director at Lazard Capital Markets.
Stocks have had a rocky start to the month. On Tuesday, the Dow saw a wide intraday swing of more than 200 points, eventually wiping out nearly half of Monday's gains. Intraday swings have increased in last few weeks as investors continue to question when the Fed may begin to scale back its bond-buying program.
The debate over Federal Reserve tapering will also make the monthly government employment data especially important this Friday, as the report is a key factor for the Fed's decision on monetary policy.
"At the same time, if you look at the multiple on the broader market...stocks are still attractively priced," Hogan added. "Market timing is very difficult and you have to focus on long-term investment horizons."
Meanwhile, Detrick found that when the S&P 500 was higher for the first five months of the year, which happened three times over the last 30 years, the average return for the index was approximately 27 percent, versus an average return of about 7.5 percent in the other 27 years.
Similarly for the Dow, when the blue-chip index was higher for the first five months of the year, which happened seven times in the last 100 years, the average return for the index was also nearly 27 percent, versus an average return of under 6 percent in the other 93 years.
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Interestingly, however, the average return was slightly negative in June for both the Dow and S&P 500 when the first five months were higher.
"The bigger picture is that the overall market play is extremely bullish when the first five months are positive like we've seen this year, even if June happens to be a bit on the weaker side," explained Detrick. "There's still a greater likelihood that we're going to be higher this time next year."
—By CNBC's JeeYeon Park. Follow JeeYeon on Twitter @JeeYeonParkCNBC.
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