S&P futures vs fair value: +8.5. Nasdaq futures vs fair value: +12.5.

The stage remains set for stocks to bounce back following Friday's sizable downturn. Modest weakening in the futures market, however, diminishes what was shaping up to be a much more convincing rebound about two hours ago. Aside from some expected short covering and potentially renewed leadership in beaten-down areas like Financials, investors may also be hoping that tomorrow's Fed policy statement reflects concern about credit conditions and provides assurances that policy makers will act to prevent serious disruptions.