Despite concerns over rising rates and elevated valuations, Krinsky argues that the markets remain healthy.

“It’s important to look at what’s actually happening in the market as opposed to what the Fed may or may not do,” Krinsky said. “We’re seeing some very good reading under the surface. We’re seeing new all-time highs from the small caps, the micro caps and the mid caps. And more importantly, we’re seeing the highest reading of stocks at one-month highs than we’ve seen since March.”

Krinsky, though, warned that there is still a chance of a late summer sell-off, but a pullback could set up a buying opportunity, which could help push the broader equities market to the upside and improve chances of a later calender-year high. The analysts sees a resistance in the S&P 500 at 2,130 and projects the index could rise another 3% from here, or put the benchmark above 2,180 in the second half.

For more information on the markets, visit our S&P 500 category.

Max Chen contributed to this article.

Full disclosure: Tom Lydon’s clients own shares of IVV, SPY.