NEW YORK (CNNMoney.com) -- The next week -- the last full week in the quarter -- promises to be a critical one for investors looking for reasons to either resurrect the stalled rally or retreat even further.
"As we approach the end of the quarter the big question is if we can push the S&P 500 above the 800 level," said Michael Sheldon, chief market strategist at RDM Financial Group
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He said that if the market can make that move, it would add weight to bets that the much longed for bear market bottom was put in place earlier in March. Twice late last week, the S&P 500 topped the 800 level, only to turn tail and run.
He said that if the market can make that move, it would add weight to bets that the much longed for bear market bottom was put in place earlier in March. Twice late last week, the S&P 500 topped the 800 level, only to turn tail and run.
"We need another leg up on decent [trading] volume before more buyers will come in off the sidelines," Sheldon said. "Unless something changes, you have to consider the current advance a rally in the bear market, but you never know."
Key economic reports are due this week on home sales and income and spending, while in Washington, Congress talks AIG and regulatory reform. But more notable will be if Wall Street is able to recharge the advance after it lost steam at the end of last week.
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