In the fourth quarter, earnings for S&P 500 companies largely beat analysts' modest expectations. But nearly 70% of those that have issued guidance so far have had a negative outlook for the first quarter, according to S&P Capital IQ.

Still, stocks could continue to find support as investors who missed the rally "chase the market higher," said Scott Wren, senior equity strategist at Wells Fargo Advisors.

With returns on more conservative investments yielding almost nothing, Wren said investors nearing retirement age have been increasingly willing to put money into stocks, particularly those that pay healthy dividends, such as AT&T, General Electric and McDonalds.

"They are starting to throw caution to the wind and jump in," he said.

And with calls for a correction growing louder, Wren said that may be enough for it not to happen.

"When everybody is waiting for a pullback, at least in the near term, it usually doesn't happen," he said.