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Today's economic calendar will cover employment, home sales, a Fed survey, and an index of leading indicators. There are no releases scheduled for tomorrow.

At 8:30 a.m ET Jobless Claims will be released. The consensus calls for initial claims to fall to 420,000 from last week's 434,000. Forecasts range from a bullish 398,000 to a bearish 440,000 claims.

Existing Home Sales will come out at 10 a.m. ET. Expectations are for a small rise to sales of 5.2 million units. Estimates range from a bearish 5 million units to a more bullish 5.4 million.

The Philadelphia Fed Survey will also be released at 10 a.m. ET. Most economists expect a small rise to 20, up from the previous month's 18.5. Estimates range from a bearish reading of 10 to a bullish 28. Numbers that are near or beyond either extreme of the range are likely to have greater impact on markets.

Leading Indicators will be reported at 10 a.m. ET. The consensus forecast is for 0.1 percent, among estimates ranging from a bearish -0.2 percent to a bullish 0.6 percent. A reading at either end of the range would likely provoke a strong market reaction.