Where's the Pullback?: Coming Week

Before the housing and consumer reports hit, the week kicks off with the August read on leading economic indicators. The Conference Board's report, due at 10 a.m. EDT Monday, is expected to show that indicators rose 0.7% last month after a 0.6% increase in July, according to economists polled by Reuters.

On the earnings schedule, homebuilder Lennar(LEN) will report quarterly results before the start of trading Monday, with business-service provider Synnex (SNX) set to post results after the closing bell.

Tuesday's economic docket is thin, with the Federal Housing Finance Agency scheduled to release its July home price index at 10 a.m. EDT. Meanwhile, several companies are set to report earnings before the start of trading, including ConAgra(CAG), CarMax(KMX) and Carnival(CCL).

The Fed's rate decision will be in the spotlight Wednesday. Investors will also be focusing on the Energy Department's weekly inventory report, due at 10:30 a.m. EDT, as well as earnings from General Mills(GIS) and AutoZone(AZO) before the start of trading and Bed Bath & Beyond(BBBY) and Paychex(PAYX) after trading ends.

Thursday brings what Wells Capital's Paulsen argues is the most important report of the week: the Labor Department's weekly report on initial jobless claims. Last week, the Labor Department said initial jobless claims fell to 545,000, the lowest level in two months, from a revised 557,000 in the previous week. Paulsen argues that jobless claims need to fall below the 500,000 level in order to show a recovery is in the works.