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Traders watching for more volatility

Teradat Santiviviut | Getty Images

As volatility has picked up in the last two days, traders are parsing the latest Fedspeak and other factors that could determine whether stocks hold their gains.

"You've got a market that's close to fairly valued. … You're just going to see a lot more 1 percent moves in the last four months of the year," said Peter Coleman, head trader at Convergex. He said investors are watching the U.S. presidential election polls, Fed commentary on the timing of the next rate hike and economic data that could affect that.

The answer likely won't come immediately in a day with little economic news on the calendar. The NFIB Small Business Optimism Index for August is due Tuesday at 6 a.m. ET, after posting 94.6 the prior month, well below the 42-year average of 98.