Why this could be another tough week for the markets

If you were having a bad week last week, you weren't alone.

The markets were having a lousy week, too. In fact, last week was the worst 5-day stretch for the Dow Jones Industrial Average in over a year. The S&P 500 index had its worst week since June.

How bad was it? The S&P 500 was down more than 1.5% while the Dow Jones Industrial Average was down nearly 1.8%. The tech-heavy NASDAQ Composite Index was down 1%.

(Read: What to do if you have no cash to buy stock dips)

This week will bring few big new economic data but, given that it's near the end of August, a little data can move the markets a long way. New and existing home sales data are coming out towards the end of next week.

As well, the Federal Reserve Bank's Federal Open Market Committee July meeting minutes will be released. That will likely be parsed as everyone tries to divine when the Fed will begin tapering its $85 billion per month bond buying program. Similarly scrutinized will be the previous week's initial jobless claims when they're released on Thursday. Fed policymakers, including Chairman Ben Bernanke, have indicated that tapering will occur only if economic data get better.

(Read: Bernanke may delay tapering past September: UBS)

So, with the late summer markets as thin as they are, what levels should you be on the lookout for?

We ask Steve Cortes, founder of Veracruz TJM, to look at the market's fundamentals. He says there are a couple of companies that give an idea of what to expect next. And, on the charts is JC O'Hara, Chief Market Technician at FBN Securities. O'Hara has specific price targets he's keeping a close eye on this week.

To hear Cortes and O'Hara analyze what's next for the markets, watch the video above.

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