With the spotlight on company earnings, "investors will look for fundamental support for the rally, " David Kostin, chief equity strategist at Goldman Sachs, said in a report to clients.

WSJ: Stocks Pull Back

There is no graph of the cyclically adjusted price-earnings ratio, another valuation measure, in its presentation book, although the subject did arise in questions at the conference: David Kostin, a strategist, said Wall Street was slightly above fair value on this measure.

ECONOMIST: Two contrary views on the outlook for markets