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." By the numbers: Analysts' predictions
To be sure, a one or even two-day breach of key support levels doesn't necessarily mean the stock market is in for further, sharp declines.
"Seasonally, you'd expect further downside," Stockton said. But she said she expects any pullback to be "shallow and short-lived" since "the S&P 500 and other major indexes broke out to all-time highs this summer."
"While we have the weak short-term momentum, we have strong long-term momentum," she said.
Stockton projects that the S&P 500 will reach 2,400 in the next six to 12 months. Wells Fargo Investment Institute sees the index hitting a range of 2,190 to 2,290 by the end of the year.
Of 15 major Wall Street banks CNBC surveyed, including Wells Fargo, the average year-end S&P 500 target is 2,177. While below the all-time intraday high of 2,193.81 hit August 15, that average target is a 2.4 percent upside from Wednesday's close.
"Now there's minor resistance at the high, 2,194," Stockton said. The S&P 500 "only tested that once. Beyond that, there's no resistance left on the chart."
The CBOE Volatility Index (VIX), considered the best gauge of fear in the market, spiked above 20 Monday to hit its highest since June 28.