S&P 500 weekly rise seen as bear market rally

The S&P 500 rose 2.9 percent last week, its first weekly rise since the end of November.

Ralph Acampora, director of technical research at Altaira Capital Partners, told CNBC on Friday: "The rally continues here. That's the good news."

However, he added: "The bad news is that when we get up there we're going to run into a little overhead supply. I think it's premature to say we have seen the final low."

Indeed, Peter Boockvar, the chief investment officer at Bleakley Advisory Group, told CNBC on Thursday: "We are in a bear market, and a bear market is not just going to end in a couple of months considering the ten years of a bull market."