S&P futures vs fair value: -3.4. Nasdaq futures vs fair value: -5.6.

The S&P 500 and Nasdaq 100 futures are retracing their morning lows below fair value, suggesting equities will open on an even weaker note. Aside from Friday's low-volume rally inviting some early consolidation, the market is also showing some consternation heading into today's only scheduled economic report. At 10:00 ET, existing home sales will hit the wires and be closely watched following the surprisingly strong new home sales data that contributed to stocks closing out last week's action on a high note. Economists are expecting a slight decline to an annualized rate of 5.70 mln units, which would be the slowest reading since October 2002.