The Dow Jones Industrial Average (INDEXDJX:.DJI) is pointed fractionally lower ahead of the bell, as concerns mount over a U.S. military strike on Syria. At home, investors will be looking out for pending home sales data. Elsewhere, as crude oil stretches to 18-month highs, weekly crude inventories will hit the Street. "The 1,640 mark broke on the S&P 500 Index (SPX) yesterday, so that could now act as resistance," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "With that said, I'm looking for 1,625 (or 1,600) below to potentially act as support."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are just one point below fair value.
The Chicago Board Options Exchange (CBOE) saw 919,663 call contracts traded on Tuesday, compared to 625,133 put contracts. The resultant single-session put/call ratio advanced to 0.68, while the 21-day moving average stayed at 0.59.
From the Trading Floor
"I noticed a lot of put buying on the CBOE Volatility Index (VIX) yesterday, especially near the open," said Sapp. "This is interesting to me as there was rampant call buying as the market was grinding higher. This could be an indication of bullish complacency, and is definitely a risk going forward."
Currencies and Commodities
Earnings and Economic Data
The National Association of Realtors' (NAR) pending-home sales index and weekly crude inventories are scheduled for release today. Entering the earnings confessional are Chico's FAS (CHS), Express (EXPR), Guess? (GES), Joy Global (JOY), The Fresh Market (TFM), and Williams-Sonoma (WSM).
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