After tagging both a new record intraday and closing peak yesterday, the Dow Jones Industrial Average (INDEXDJX:DJI) is indicating a lower start this morning. On today's economic agenda, monthly auto sales and factory orders are due, as well as a mid-afternoon speech from Kansas City Fed President Esther George. On the corporate front, Krispy Kreme Doughnuts (NYSE:KKD) and Dollar General Corp. (NYSE:DG) are poised to drop following their respective quarterly results.
Turning to the charts, Schaeffer's Senior Trading Analyst Bryan Sapp notes, "Despite the S&P 500 Index (SPX) trading near breakeven on Monday -- and right at all-time highs -- the Russell 2000 Index (RUT) continues to underperform other market indexes. Yesterday, it filled the gap higher from last Monday, so I would keep a close eye on the area around 1,125 -- as well as its 200-day moving average, currently located at 1,120 -- as potential regions of support going forward."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are roughly 46 points below breakeven.
The Chicago Board Options Exchange (CBOE) saw 774,029 call contracts traded on Monday -- the fewest in a full session since Aug. 30 -- compared to 482,891 put contracts. The resultant single-session put/call ratio jumped to 0.62, while the 21-day moving average stayed at 0.63.
From the Trading Floor
"Late last week, the new weekly sentiment polls surfaced, and showed some levels of optimism that we haven't seen in a few months," said Sapp. "This could be a sign that the current rally is getting a little long in the tooth, and a short-term correction could be in order."
Currencies and Commodities
Earnings and Economic Data
The latest reports on factory orders and motor vehicle sales will come out today. Ambarella (AMBA), DG, FuelCell Energy (FCEL), G-III Apparel (GIII), and Mattress Firm (MFRM) will step up to the earnings mic.
The Case for Big Moves in IWM and QQQ
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