Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are sticking close to the flat line, as investors await a handful of economic reports slated for release this morning. First up is housing data, with the S&P/Case-Shiller home price index and the Federal Housing Finance Agency (FHFA) house price index both due out at 9:00 a.m. ET. Meanwhile, the latest consumer confidence index will be unveiled at 10:00 a.m. Wall Street will also keep one eye trained on the Federal Reserve, as a number of officials are once again scheduled to take the stage throughout the day.
Elsewhere, "The S&P 500 Index (SPX) is now back around 1,700, which could prove to be a very key level going forward," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "Below that is support near 1,680 -- which is also home to the SPX's 50-day moving average. Meanwhile, there is resistance overhead at the previous all-time highs of about 1,730."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are sitting roughly 2 points south of fair value.
The Chicago Board Options Exchange (CBOE) saw 1,103,600 call contracts traded on Monday, compared to 769,159 put contracts. The resultant single-session put/call ratio jumped to 0.70, while the 21-day moving average moved to 0.58.
From the Trading Floor
"Despite stocks only being moderately lower yesterday, the CBOE Volatility Index (VIX) finished 9.1% higher," continued Sapp. "This could largely be the result of the upcoming budget debates and the potential Oct. 1 government shutdown. The drastic move yesterday is a good sign that fear is still lingering, and, should we get through this potential crisis, it's likely that markets will resume their uptrend."
Currencies and Commodities
Earnings and Economic Data
Scheduled for today are the S&P/Case-Shiller home price index, the latest consumer confidence figure, and the FHFA house price index. Stepping up to the earnings plate are CarMax (KMX), Carnival (CCL), KB Home (KBH), and Lennar (LEN).
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