Futures were pretty close to dead even, with the markets awaiting a crucial speech from

Federal Reserve chair

Alan Greenspan

. He will deliver his

Humphrey-Hawkins testimony to the

Senate Banking Committee

, giving Wall Street and Washington an inside look into the Fed's opinion on the American economy.

Image placeholder title

S&P 500 futures on

Globex

, an electronic exchange specializing in currency and index options, lately were off 1 to 1332.5. That's about 3 points below fair value.

Nasdaq 100

futures were up 3.5 to 2305.00, about 32 points above fair value as calculated by

TheStreet.com

.

Around the midpoint of the trading day, European markets were mixed and quite close to their opening numbers. Expect more of a decisive move when American markets open. London's

FTSE

dropped 6 to 6235.4 as telecommunications stocks plummeted and big-name oil company

BP Amoco

(BP) - Get Report

slipped before it releases earnings.

Germany's

Xetra Dax

rose 18.5 to 6583.4 while Paris

CAC-40

rose 8.4 to 5767.9.

In Asia, the troubled Japanese stock market continued on its wayward path. The benchmark

Nikkei 225

dropped 148.1 to 13,274.7, as investors focused on a glut in supplies instead of the possibility that the

Bank of Japan

would further cut interest rates. As has been the case lately, the Hong Kong

Hang Seng

was a contrarian, gaining 149.6 to 15,842.72.

Check out

TheStreet.com's

global indices for more on markets around the world.

For Monday's postclose trading, see

The Night Watch.