Monday's 2-1 defeat at MK Dons left Hartlepool four points adrift of safety in League One with three games remaining, the first of which is against a resurgent Nottingham Forest side who need the points themselves to keep hold of their hard-won play-off position.
"We are going to have a couple of days off, time for the players to really look at themselves in the mirror," said Stephenson after the defeat at the National Hockey Stadium.
"I will certainly be fighting, I'll be starting again on Thursday like I have done since I took over.
"But it is heart breaking, it's heart breaking for us, the staff, the players, the fans, the club in general."