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European Central Bank will be biggest market mover: Pro

Rates gonna move higher: Trader

Next week's economic events could be deal-breakers for the market.

On Thursday, European Central Bank President Mario Draghi could launch pre-emptive action against deflation and deliver more monetary easing.

"When you look at that ECB meeting, everybody's been talking about Europe and Draghi and what's going to be happening over there," said Pete Najarian, co-founder of "I think that's going to be the biggest market mover in a long, long time."

Brian Kelly of Brian Kelly Capital said he thought the long-term trade here is to stay long the euro.

"Don't go out and start buying European shares because you think the ECB is going to start quantitative easing. Those shares have already run. You look at the German DAX, look at France. Those have already priced us in, so don't get all excited about that," said Kelly. "Everybody thinks that Draghi's going do something. Maybe it's this first step, but there's a lot of structural impediments to them doing anything. And they are behind the curve, so that's the big wild card next week."

On Sunday, China's official manufacturing purchasing manager's index (PMI) for May is due, and Friday's U.S. employment report is not likely to be positive.

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"Broad participation pushed this market higher," said Najarian. "Everyone said 'Sell in May and go away.' Well, if you did that, you already missed 2 percent over the last month."

Triogem's Tim Seymour expects that China's PMI will largely be a non-event.

"Emerging markets are trading better. You don't need China to stay in that rally," said Seymour. "I think ultimately, if you look at the jobs number next week … I think you see rates start to move."

By CNBC's Leanne Miller