The Dow Jones Industrial Average (DJI) is eyeing a solid start to the month, with futures on the blue-chip barometer pointed higher ahead of the bell. Upbeat manufacturing reports out of China have investors optimistic ahead of this morning's domestic economic data, with the Institute for Supply Management's (ISM) manufacturing index slated for release at 10:00 a.m. ET.

Elsewhere, "Our Senior Quantitative Analyst Rocky White does a consensus sentiment report every week that looks at multiple polls/indicators, and forms a composite reading," said Schaeffer's Senior Trading Analyst Bryan Sapp. "The reading for copper is in the 11th percentile, showing near-extreme pessimism. Given that copper is often a leading indicator for equities, this could be a sign that it will lead stocks higher in the near future."

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Futures on the Dow Jones Industrial Average are nearly 59 points above fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 745,740 call contracts traded on Friday, compared to 542,291 put contracts. The resultant single-session put/call ratio jumped to 0.73, while the 21-day moving average dropped to 0.68.

From the Trading Floor

"The S&P MidCap 400 Index (MID) is currently sitting at 997," continued Sapp. "This is the fourth time that it has rallied into the 1,000 level since early October. In the three previous instances, the 1,000 acted as resistance. Also the Nasdaq Composite (COMP) is once again right at 3,000. That level acted as resistance multiple times this summer, while providing support in late October."

Currencies and Commodities

• The U.S. dollar index has pulled back this morning, with the currency last seen 0.3% lower at $79.96.
• Crude oil is continuing with last week's upward momentum , with January-dated crude 0.1% higher at $89.03 per barrel.
• Gold futures are up, as well, with the front-month contract tacking on 0.2% in pre-market trading to hover near $1,716.80 an ounce.

Earnings and Economic Data

The week kicks off with the ISM's manufacturing index, as well as construction spending and auto sales. We'll also hear earnings from Conn's (CONN), LDK Solar (LDK), and The Pep Boys - Manny, Moe & Jack (PBY).