The Dow Jones Industrial Average (DJI) is hovering just below breakeven this morning, with traders in wait-and-see mode ahead of a week full of quarterly earnings reports. Additionally, anticipation surrounding this afternoon's speech by Ben Bernanke should provide fodder for Wall Street, with the Fed Chairman scheduled to take the stage at the University of Michigan at 4:00 p.m. ET.

Meanwhile, after last week's modest broad-market gains, Schaeffer's Senior Trading Analyst Bryan Sapp has his eye on a few levels. "On the S&P 500 Index (SPX), I'm continuing to watch 1,450 and 1,460 to the downside, and 1,475 and 1,500 to the upside." Elsewhere, Apple Inc. (NASDAQ:AAPL) made headlines over the weekend, thanks to reports it's pulling back on component orders for the iPhone 5 due to weaker-than-expected demand. The stock is trading lower ahead of the bell, so Sapp noted, "The areas to watch are $500 at the lower end of its range, and $550 at the higher end."

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Futures on the Dow Jones Industrial Average are more than 10 points below fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 863,049 call contracts traded on Friday, compared to 545,871 put contracts. The resultant single-session put/call ratio fell to 0.63, while the 21-day moving average stayed at 0.64.

From the Trading Floor

"A report surfaced on Friday that there were massive inflows into equities last week," continued Sapp. "The total was around $22.2 billion, which is actually the second-biggest weekly inflow ever. This is a sign that the general public is accepting this rally, and it could likely be time to start getting a little cautious. I'm not saying this is a short-term top, but it could be a few big rallies away."

Currencies and Commodities

• The U.S. dollar index is down 0.07% ahead of the bell, with the currency lingering near $79.51.
• Elsewhere, crude oil has moved 0.7% higher to trade at $94.60 per barrel.
• Gold futures are up, as well, with the front-month contract tacking on 0.5% in pre-market trading to hover near $1,668.80 an ounce.

Earnings and Economic Data

The week begins on a quiet note, with no notable earnings or economic reports on tap.