Crude oil, the WTI, is also attracting some attention; last week it traded above 73, levels we haven’t seen since the first week of August. The volatility index is somewhat elevated and should be seen as a reflection of how investors are concerned by the recent selling; VIX futures (/VX) took out the August high and are well within reach of where they topped out earlier this summer back in July around 25. This all comes as treasuries and the U.S. dollar remain very much range-bound headed into the FOMC meeting this week.

Speaking of the Fed, it’s still the primary focal point for investors and traders. The FOMC meeting begins Tuesday, and on Wednesday we’ll hear from Fed Chair Jerome Powell on the committee’s decision on interest rates, and more closely-watched, their plans to taper asset purchases. Many expect with current conditions and the recent market sell-off that they will kick the can further down the road and hold off on announcing plans to cut asset purchases at this meeting. Wednesday, expect volatility in markets tied to the question and answer session which will follow the announcement. We also have some housing data due out, and some regional Fed numbers in addition to jobless claims and the PMI to keep an eye on.

In terms of earnings, companies reporting quarterly results make for a busy week as well. We have Lennar (NYSE:LEN), KB Home (NYSE:KBH), AutoZone (NYSE:AZO), FedEx (NYSE:FDX), Adobe (NASDAQ:ADBE), General Mills (NYSE:GIS), Darden (NYSE:DRI), Costco (NASDAQ:COST), and Nike (NYSE: NKE).