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This week's data should tell whether Fed ready to take plunge

Riding the rally & ready for the Fed

Data in the coming week should give a deep look into the U.S. economy and provide some important clues as to whether it's strong enough for the Fed to hike rates this summer.

From Friday's monthly jobs report to other data on inflation, manufacturing, the services sector and consumer, this four-day work week holds the last big blast of major reports ahead of the Fed's June 14 and 15 meeting.

"I think the debate in the next week is: 'Did the data give enough ammo for the Fed to go in June or July?'" said Art Hogan, chief market strategist at Wunderlich Securities. "I think we lean toward July, because there's too much at risk for them to step in front of the Brexit vote by eight days." Brexit is the U.K.'s vote June 23 on whether to leave the European Union. While the Fed has said this could complicate its decision, recent polling shows a split is less likely to be approved by U.K. voters.

Read MoreYellen: Rate hike probably appropriate in the coming months