Stock market volatility has also kept the S&P 500 above key support levels, indicating that a pullback will likely be shallow, analysts said.
Sameer Samana, global quantitative strategist at Wells Fargo Investment Institute, said "2,100 — that's going to be the strongest support. If you get below that, it gets a little dicey, then you get into the 200-day moving average (around) 2,058."
The S&P 500 dropped 2.45 percent to 2,127.81 last Friday, for its worst day since June 24, when global markets plunged following the surprise U.K. vote to leave the European Union. The S&P 500 closed a touch lower Wednesday but jumped about 0.9 percent in intraday trade Thursday to near 2,144.
"If you were to get below the 2,100 area, some risk management is probably prudent," Samana said, saying that at that point, investors shouldn't own more equities than they need to.
The next level analysts say to watch is the post-Brexit low of 1,991.68, or roughly 9 percent below the all-time intraday high hit in August.
"While we could have a correction here, it's not the first leg of a protracted downturn," said Baird's Delwiche. He said he is watching the range between 2,120 and the 200-day moving average around 2,060 for support.
"We have this bullish backdrop," Delwiche said, pointing to a breadth indicator that shows more than 70 percent of industry subgroups remain in an uptrend, versus only 12 percent at the February low. "I think probably if we look at it, we will end up seeing we make a low before the election and turn higher."