Stocks have a lot to prove in the week ahead

Now it's up to the stock market to really prove it is in a sweet spot.

The Dow and the S&P 500 finished the past week at new highs, amid expectations economic data will continue to support gains, interest rates won't move much higher, and earnings will continue to improve.

"You have consumer sentiment improving. You have the economic data that's coming in pretty nicely. Obviously, the jobs data gain was pretty good. You have to think the wind is at your back," said Daniel Greenhaus, chief global strategist at BTIG.

The major indexes have recovered the losses made between mid-September and mid-October.

Read more: "October and November start the best six months of the year, so you have from a seasonality stand point, you have a lot of tailwinds. People feel better into the end of the year,"