S&P futures vs fair value: -3.5. Nasdaq futures vs fair value: -7.0.

The stage remains set for stocks to take a breather as another sell-off in China and a lack of enough offsetting upbeat news bring valuations into question. A growing understanding that the rally this year far exceeds earnings growth is giving investors a reason to take some money off the table. The absence of any supportive economic releases, especially after Friday's batch of data painted a picture of growth and moderating inflation, also leaves equities vulnerable to some understandable consolidation.