S&P futures vs fair value: -1.4. Nasdaq futures vs fair value: +0.3.

The futures market has strengthened since the last update and now suggests the indices will open mixed. An analyst upgrade on Dow component Johnson & Johnson (JNJ), anticipation of positive developments out of Apple (AAPL) at its Worldwide Developers Conference, and modest gains overseas are contributing to the market's improvement.

However, there is little conviction on the part of buyers as this week's deluge of economic data, from retail sales to updates on inflation, won't kick off in earnest until Wednesday.