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Bear market rally or bull? Fed, data may hold clue

A trader works on the floor of the New York Stock Exchange.
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Stocks celebrated the bull market's seventh birthday with their first four-week win streak since November. But markets still anxiously await U.S. data, a Fed meeting and clarity on China.

The "debate we're going to have: Is this a bull market or is it just a rally in a bear market?" said John Canally, investment strategist and economist at LPL Financial. "Next week is going to go a long way to determining it."

Investors will be parsing the Federal Reserve's statement and Fed Chair Janet Yellen's press conference scheduled for Wednesday for indications on the Fed's view of economic growth and the pace of tightening.