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Traders trawling for catalyst to rally market

Closing Bell Exchange: The calm before the interest rate storm

Stocks should continue to dance around all-time highs, as traders watch for catalysts in economic data and bond yields.

The month of May winds down in the week ahead, and that could keep volatility elevated in the bond market, as could several bond auctions. There are a few important data releases, including durable goods data Tuesday; home prices and home sales data Tuesday and the latest revision to first quarter GDP Friday. Consumer confidence is released Tuesday.

Read More Economists, market experts mixed on 2015 rate hike

"I think we're going to be real choppy and range bound, driven by the bond market," said John Canally, economist and strategist at LPL Financial. "The direction of the bond market, and maybe the oil market, is going to drive stocks next week."