The Dow Jones Industrial Average (DJI) is on pace to surrender its recently found foothold atop the 13,000 mark, with futures pointed well below breakeven ahead of the bell. It's the macro-economic news taking center stage in today's session, as leaders in both the U.S. and Europe meet to discuss their region's respective fiscal issues.

Elsewhere, "The mid caps could hold the key to a year-end rally," said Schaeffer's Senior Technical Strategist Ryan Detrick. "The S&P MidCap 400 Index (MID) has consistently had trouble near the psychological area of 1,000, and it is getting up there once again. I really like the chances for some strong buying to the end of the year if this critical group can continue to rally and get over that area."

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Futures on the Dow Jones Industrial Average are roughly 80 points below fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 497,512 call contracts traded on Friday, compared to 291,635 put contracts. The resultant single-session put/call ratio fell to 0.60, while the 21-day moving average dipped to 0.71.

From the Trading Floor

"Various investor sentiment polls we follow are flashing extreme worry," continued Detrick. "This doesn't mean we have to bottom, but given the strength last week, I am very encouraged we just made a significant bottom. Throw in the fact we are entering the very bullish time frame of December, and you have to like the chances for a strong year-end rally."

Currencies and Commodities

• The U.S. dollar index is has edged 0.04% higher ahead of the bell to trade at $80.23.
• Crude oil is looking to pare a portion of last week's gains, with the front-month contract 0.5% lower at $87.86 per barrel.
• Gold futures are down, as well, with December-dated gold shedding 0.2% in pre-market trading to hover near $1,748.60 an ounce.

Earnings and Economic Data

The earnings calendar is relatively quiet to open the week, while the Dallas Fed Manufacturing Survey will take the economic spotlight.