Here comes homebuilder sentiment ...

At 10:00 a.m. ET, the National Association of Homebuilders will release its latest monthly survey of members.

The NAHB Housing Market Index is expected at 61 for January, unchanged from the reading in the prior month.

"The combination of the weather worsening early in January, the deterioration in the stock market and the beginning of the Fed's hiking cycle likely leaves builders feeling a bit more concerned," wrote Bank of America Merrill Lynch in a client preview.

"The index is down from 65 in October, but it is still up solidly from 56, on average, in the first half of last year and 52 in all of 2014," Jim O'Sullivan at High Frequency Economics recapped in a note to clients.

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