There is a way for the S&P 500 to climb back to its January high of 2,873.

Earnings season, which starts again in July, needs to shine, according to Matthew Cheslock, an equity trader with Virtu Financial, based on the floor of the New York Stock Exchange. 

"If we can get through [earnings] with some good forecasts for the third and fourth quarters and the second half of this year, maybe we'll have hope for a smoother path to [get to 2,873]," Cheslock said.

(Editor's Pick. originally published June 27.)

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