August is shaping up to be a tough month, experts say

The markets seems exhausted, Kenny Polcari, director of O'Neil Securities, told CNBC's "Closing Bell" on Friday.

"I actually think August could set up to be a little bit more of a volatile month. I suspect that we're going to see the market back off a little bit," he said.

The S&P 500 closed July at 2,173, within points of its all-time closing high of 2,175.

Oliver Pursche, CEO of Bruderman Brothers, agreed. He said in a Friday interview on "Closing Bell" that economic growth will be in focus after Friday's disappointing U.S. gross domestic product number.

The U.S. economy grew far less than expected during the second quarter, as GDP came in at 1.2 percent. Economists polled by Reuters had forecast GDP growth of 2.6 percent. A slate of quarterly earnings reports in early August will also face more scrutiny as investors worry about the state of the economy.

Pursche said, however, that a correction in the market doesn't necessarily predict a severe recession.

"There's probably a hard case to make for a prolonged or deep recession or correction in the market because of all the liquidity, and there's nowhere else to go," he said.