Concerns over Europe, particularly the Italian elections, and the ongoing budget drama in Washington, could serve as catalysts for a brief slide.
But a pullback could also be healthy and short-lived. Hogan noted that recent moves downward have been met with more buyers.
"There's a lot of money on the sidelines waiting to get involved in the market, but those investors feel like after the recent move up, they need a pullback before they get in," he said.
To that end, individual investors have put just $21 billion to U.S. stock mutual funds this year, a relatively small amount given that they pulled more than $500 billion out from stock funds since the financial crisis.
Moreover, as long as central banks around the world continue to support the global economy and financial markets, the bull run that began when the market bottomed in March 2009 is likely to keep going, said Hogan.
"Supportive monetary policy is going to be with us for a while," he said. "Central banks, including the Federal Reserve, have made it clear that they won't tighten their policies until economies are self-sustaining, with higher employment and low inflation."
Later this week, central banks in Europe, Japan and the U.K. are scheduled to meet. All of them are expected to give more promises of support the for world's major economies.
On the economic front Tuesday, the Institute for Supply Management's monthly index on service sector business activity rose to 56 in February, a slight improvement from 55.2 the prior month. Economists were forecasting a reading of 55.4.
In corporate news, JC Penney's shares tumbled more than 10% after Vornado Realty Trust, one of the retailer's biggest shareholders, reportedly dumped 40% of its stake. The struggling retailer is in the third week of a court battle with Macy's claims that Martha Stewart Living Omnimedia violated a previous agreement with Macy's in entering into a new partnership with J.C. Penney.
Genworth Financial Inc. shares rose on rumors that the company is planning a sale.