Stocks are at an inflection point that could take the market to new highs

div > div.group > p:first-child"> Stocks are at a pivot point, and it could be first-quarter earnings that help drive the market back to all-time highs in the near future.

Dozens of S&P companies, including Bank of America, Goldman Sachs, Johnson and Johnson, United Healthcare and IBM report earnings over the next few days, while J.P. Morgan Chase, Wells Fargo and PNC reported Friday morning. J.P. Morgan's results were seen as a good omen for the start of the earnings season, with record results that beat on the top and bottom line.

First quarter earnings are expected to see the first actual profit decline since 2016. According to FactSet, analysts expect a 4.2 percent drop in S&P 500 earnings. However, analysts are divided on whether the second quarter will be positive or negative, so the company guidance after current quarter results will be crucial to the market's valuation.

"The S&P is in a tug of war, trying just to move ahead of first quarter earnings, trying to figure out if the results will be good enough to sustain this area. It's been hard to push through 2,900. There's a lot baked into this move," Redler said."The banks really haven't led the rally, but lately they haven't been a headwind. If the banks respond well to earnings, it should maybe help fuel the move above 2,900.

Analysts say the financial names could be an important contributor on the road to new highs."The financials are important. There was a big bounce back in the past few weeks, but that was out of an extremely oversold condition," said Frank Cappelleri, executive director at Instinet."A lot of eyes are on them to see if the financials steady at this point. The tech stocks could lead...

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