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The Fed's words and China's markets: Here's what could drive the market Tuesday

Trader breaks down three key market themes for this week

As investors prepare for a trickle of economic data and Federal Reserve meeting minutes to be released this week, Washington Crossing Advisors portfolio manager Kevin Caron is watching three key themes for Tuesday and the week ahead.

1. PMI data on tap

Shortly after the market opens on Tuesday, advance Purchasing Managers' Index data will be reported for the month of May. The index is considered a measure of manufacturers' health based upon figures such as companies' new orders, inventory levels and production.

"The Markit PMI data is worth looking at because it serves as a proxy for business sentiment, and investment spending is going to be very important for driving the economy going forward," Caron said Monday on CNBC's "Trading Nation."

The previous reading for the manufacturing index was 52.8.

2. Federal Reserve meeting minutes

The Federal Open Market Committee is scheduled to issue meeting minutes Wednesday afternoon, and Caron is considering the Federal Reserve a critical theme for the markets at this juncture.

"Although it's widely expected that the Fed is going to raise interest rates when they meet in June, the path beyond that is a little uncertain," Caron said.

Several Federal Reserve presidents are scheduled to speak this week; Minneapolis Fed President Neel Kashkari is scheduled to speak Tuesday and Wednesday, and Philadelphia Fed president Patrick Harker is speaking in New York on Tuesday. Additionally, Dallas Fed president Robert Kaplan will speak Wednesday. All three are voting members of the F.O.M.C.

3. Chinese market data

Movement in Chinese stock markets will be on Caron's radar this week.

"China has been a harbinger of things to come, and what we've seen in the last several trading days has been weakness in the Chinese stock market," Caron said.

Apparent weakness in the Chinese economy could prove to impact the global economy, he said, and he will be watching Chinese stocks going forward.

The Shanghai Composite has fallen about 3 percent in the past month.