It will be another battleground for S&P 500 index next week. Will the bears finally give up and let the bulls have their way?
The S&P 500, the market's broadest measure, managed to close out the week above the psychologically important 1,400 mark for the first time since early April. But the index is still down 0.4 percent for the month so far even after gaining 1.8 percent for the week, with only one trading day left in April.
Brian Lazorishak, senior quantitative analyst and portfolio manager at Chase Investment Counsel in Charlottesville, Virginia, said a close above 1,400 is positive, but the recent high, near 1,422, is a more important technical level.
"That's what we're looking for on the upside as confirmation there's room to move higher," Lazorishak said.
"A close above that would open the window to testing highs back to early 2008. The next natural area you'd see is a run to at least 1,440, the May 2008 high."