There's momentum behind this market: Pro

This week, the market will be looking toward several key points of economic data to determine whether or not it will continue its record-breaking run.

New and existing home sales, the S&P Case-Shiller index, consumer confidence, and personal income and outlays are all coming out this week.

With the Dow Jones Industrial Average getting thisclose to hitting 17,000, the other question investors are asking is if the market benchmark S&P 500 index will break the 2,000, which is just under 2 percent away.

(Watch: Dow ends at record after longest winning run this year)

Gina Sanchez, founder of Chantico Global, believes that even if the S&P 500 gets to 2,000, it will be a little too much for the index right now based on its price-to-earnings (P/E) multiple, currently at 17.3 times earnings.

"This rally has hardly had a tremendous amount of conviction," said Sanchez, a CNBC contributor. "We are beyond kind of where P/Es should be. Some of that is going to have to moderate."

Any recovery in the economy doesn't justify current multiples because it's pricing in strong growth, said Sanchez. "The market has gotten ahead of itself," she said. "This market is going to have to blow off some steam soon."

However, Katie Stockton, chief technical strategist at BTIG, is bullish on the S&P 500. "I would be a buyer," she said. "There's still momentum behind the market. And I don't just mean the S&P 500. I really mean the global equity markets."

Weak sentiment is a reason to be positive on the markets, according to Stockton. "I get a sense from my clients that people are somewhat bearish here," she said. "That can allow the market to forge higher."

Stockton's near-term target for the S&P 500 is around 1,985, where she thinks it will take a pause. "I emphasize 'take pause' as opposed to 'reverse' because, again, that momentum is there," she said. "The sector rotation and global rotation really has improved. You've seen some traction in the emerging markets, so that's quite promising."

(Read: Dow 17,000: The best-performing sectors of late)

Stockton believes recent breakouts in the S&P 500 above resistance levels in the last week makes for higher support. She sees support at 1,925 and, below that, 1,900. "As we move higher in the S&P500, support levels moved higher and become stronger," she said.

To see the full discussion on the S&P 500, with Sanchez on the fundamentals and Stockton on the technicals, watch the above video.

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