Stocks could easily break out to new highs in the week ahead, as earnings become the next test for the market.
The ended the week at 2129.90, less than a point below its record high. Stocks surged Friday on the better-than-expected June employment report, after a rocky week, where uncertainties about the U.K. vote to split from the European Union continued to upset markets.
"Earnings could tell a big story," said Peter Boockvar, market analyst with The Lindsey Group. "I'm not exactly clear on what it's trading on right now. I'm not exactly clear with the fundamental story. … Everyone's just chasing price here."