And, we'll also get some economic data, too. We learn July's inflation rate on Thursday and housing data on Friday.
While the S&P 500 Index fell 0.7% last week, it's still close to its record highs of 1,709.67. For the year, the index is up 16%.
But do the fundamentals justify its current prices?
Talking numbers on the S&P 500's data is Erin Gibbs, Equity Chief Investment Officer for Standard & Poor's Investment Advisory Services. She is responsible for approximately $4.5 Billion in equity assets under advisory. Gibbs looks at earnings on the index to see if it's properly valued.
"We're still looking at about a 6.5% growth rate for the end of the year," says Gibbs on earnings. "Assuming that analysts are a little more conservative, we get around to 8%."
Earnings growth factors into the overall valuation of the index. Gibbs is looking for the index to target a price-to-earnings ratio within its normal trading range. And, that may affect where the S&P 500 heads next.
Looking at the technicals is Jeff Tomasulo, Managing Partner of Belpointe Alternative Investments. He says there's a specific support level to watch for which, if broken through, will mean the market will drop towards its long-term trend line.
To hear Gibbs and Tomasulo on what they think is next for the S&P 500, watch the video above.
1. Gibbs is the Equity Chief Investment Officer for Standard & Poor's Investment Advisory Services LLC.
2. S&P Capital IQ Equity Research provides qualitative buy/hold/sell recommendations on equities which may differ from recommendations provided by Standard & Poor's Investment Advisory Services LLC.
3. For the securities discussed, Standard & Poor's Investment Advisory Services LLC may have provided recommendations to its clients which differ from recommendations provided in this interview.
4. S&P Capital IQ and/or one of its affiliates has performed services for and received compensation from the companies mentioned in this document during the past twelve months.
5. During the past 12 months, S&P Capital IQ and/or one of its affiliates may have performed services for, and received compensation from, other companies that may be discussed during the course of this interview.]