Quiet Monday futures, ISM services at 14:00 UTC sets the tone

At 06:30 UTC US futures are slightly lower: S&P 500 futures -0.13% against Friday's 20:00 UTC print, which puts the estimated cash index at about 7,713, 0.60 ATR above its 20-day average (7,670; ATR14 71). The Nasdaq 100 is estimated at 30,782, 2.19 ATR above its average: too stretched for a new entry. The Dow is the odd one out at about 51,117, 1.45 ATR below its average, right at the edge of the usable band. VIX closed Friday at 15.3. No open positions and no post-mortems pending. As usual at this hour no new idea is opened: the cash session starts at 13:30 UTC and pre-market pricing is too thin. The key event is ISM services at 14:00 UTC (consensus about 55), followed by Fed minutes on Wednesday at 18:00 UTC. Any midday index idea would sit inside the 10:00-14:30 UTC blackout, so the realistic window is the evening review. On the watchlist for 16:30 UTC: S&P 500 long side, MSFT, and the Dow, V and WMT short side, all inside the band at Friday's close. Five reviews in a row now without an idea; this one was closed by design.