"The market's concern right now is about the emerging market news," he said. "Is the slowing that we're seeing going to mean there's contagion?"
Many analysts see the U.S. as insulated from the emerging market meltdown—especially because they view it as a story about individual countries, such as Turkey and South Africa, with particular problems rather than a contagion taking down all markets.
"You're going to have some countries that are going to be experiencing more volatility than we are—kind of more at the end of the whip than we are," Freeman said.
"I think what we've seen mostly here is you had a market that was up, investors that may not have taken profits, saw more concerns abroad and said this was an opportunity to take some profits," he said.
Freeman expects the S&P to be flat to slightly higher by year-end, between 1,850 and 1,900, adding that better-than-expected earnings this quarter should help. About 85 companies report in the week ahead, including BP, General Motors, Disney andTwitter—posting its first quarter as a public company.
The S&P 500 was down 0.4 percent in the past week to 1,782, despite big swings. It is down 3.6 percent for the month—its worst performance since May, 2012.
Brian Belski, chief investment strategist at BMO Capital Markets, said U.S. investors should not worry too much about emerging market weakness.
He said he had examined the performance of all rolling one-year periods for the S&P 500 and the MSCI Emerging market index since 1987 and found the average return of the S&P during that time was 0.5 percent, while the emerging market return was negative 18.7 percent.
"While flattish market returns are not necessarily impressive, they do help to assuage fears that emerging markets' struggles automatically translate into big trouble for U.S. stocks," Belski said.
A deluge of economic data is due in the coming week, starting with the ISM, an important read of manufacturing activity, Monday.
But the market is watching jobs data the closest. Barclays chief U.S. economist, Dean Maki, expects to see 175,000 jobs and the unemployment rate steady at 6.7 percent.
"Weather played a role in the December report, but the question is how big, and there's no good way to answer that with any precision," he said. "One would expect some payback for the bad weather in December in January, but the first thing everyone says is January was cold."
The difference was that the survey week for the January jobs report was actually not very cold.
"We actually think weather will have less of an effect," Maki said. "Weather could be a positive for the report, but if that was the only factor, we would expect to be above recent trends."
One area of concern for the job market is the weekly jobless claims report, viewed as the most real-time piece of data on jobs.
"What we have seen happening is weekly jobless claims have been moving slightly higher and it has been persistent enough," Maki said. "It has been going on since the end of November. We are giving some weight to that."
Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi, agreed that the claims are a cause for some concern.
"If you're trying to do tea leaf reading of the labor market recovery ... the weekly jobless numbers aren't as friendly to big, 200,000 payroll jobs gains," he said. "You can't rule them out, but you do wonder what unemployment claims are telling us because we haven't seen them make a new low in a while."