Stocks are likely to test the lows of August before moving much higher, as traders look for clarity from the Fed, China and the upcoming earnings season.
Tuesday's trading is starting off rocky, with stock futures well in the red and European markets sharply lower. Commodities set the tone, with copper slumping 2.4 percent. Traders pin the drop on global growth fears, in part due to a new report from the Asian Development Bank which cut its growth forecast for China.
Meanwhile, miners were slammed with Glencore down 12 percent. Credit Suisse cut China demand assumptions and commented on the sector.
Fed uncertainty remains a concern, and Atlanta Fed President Dennis Lockhart speaks Tuesday at 6:30 p.m. ET. Lockhart also spoke Monday and said a rate hike was still possible for this year.