The Dow Jones Industrial Average (INDEXDJX:.DJI) is poised to pick up where it left off yesterday, with futures pointed lower ahead of the bell. Investors are spooked over a possible U.S. retaliation for Syria's alleged use of chemical weapons. Back on the homefront, Wall Street will be keeping one eye trained on the S&P/Case-Shiller 20-city home price index and the latest consumer confidence number, slated for release at 9:00 a.m. and 10:00 a.m. ET, respectively.
Meanwhile, Schaeffer's Senior Trading Analyst Bryan Sapp notes that "Monday's bounce stopped right at 1,670 on the S&P 500 Index (SPX), which was a big resistance area in May. This is going to be a key level for bulls to take out going forward, in order to regain their momentum."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 82 points below fair value.
The Chicago Board Options Exchange (CBOE) saw 902,411 call contracts traded on Monday, compared to 547,455 put contracts. The resultant single-session put/call ratio moved to 0.61, while the 21-day moving average rose to 0.59.
From the Trading Floor
"Volatility saw a big spike yesterday, and the market sold off sharply on news surrounding Syria," continued Sapp. "The CBOE Volatility Index (VIX) finished the day more than 7% higher on this alone, as it seems that people are looking for a reason to sell."
Currencies and Commodities
Earnings and Economic Data
Both the S&P/Case-Shiller 20-city home price index and the Conference Board's consumer confidence index will be in focus today. Meanwhile, the earnings docket features reports from DSW (DSW), LDK Solar (LDK), Sanderson Farms (SAFM), Tiffany & Co (TIF), TiVo (TIVO), Wet Seal (WTSL), and Workday (WDAY).
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