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Traders watching these clues for a market breakout

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In the limbo ahead of the week's big events, traders will watch oil prices and S&P 500 price action Tuesday as signals on future gains.

"We've been caught in a sideways range and we're probably going to stay here until we get more clarity on the Fed," said John Caruso, senior market strategist at RJO Futures.

"I'll just be watching key resistance levels tomorrow," he said. He's watching to see if the S&P 500 can top 2,164 and then 2,174, before retesting its record close of around 2,190.