Futures have traded in a tight range in the past two weeks, mostly holding on to gains of nearly 10 percent since the beginning of the year.

"This has been a straight up move in prices, and it is unusual for that to continue," said Rick Meckler, president of investment firm LibertyView Capital Management in New York.

"In order to avoid (a pullback) we need a continued flow of good news, and there aren't many earnings forecasts coming in right now, which could be the next push," Meckler said. "People will focus on possible negatives and right now the biggest out there is oil prices."