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Traders await key clues on what looms in Q4

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The number within the number you need to watch

A storm warning in the Northeast and the Thanksgiving holiday promise to make Wednesday a light trading day, but there is key data that could give an inkling of fourth-quarter growth.

Durable goods, personal income and spending and weekly jobless claims are expected at 8:30 a.m. Chicago PMI is at 9:45 a.m., consumer sentiment is at 9:55 a.m. and new and pending home sales are at 10 a.m. There is also oil inventory data.

"You have confirmation or at least insight into business investments and you have insight into consumer activity. Those two elements of durable goods and personal income and spending are very big in shaping the narrative for the fourth quarter. Third quarter was better than expected. Now, what about the fourth quarter?" said Adrian Miller of GMP Securities.