Newly released Fed-created financial conditions index (FCI-G) shows conditions as tighter than picked up by traditional FCIs (like Bloomberg's or Goldman's), notes Liz Ann Sonders. She discusses how futures are lower as weakness in overseas markets weigh on indices. She talks about how sector and index members above 50-DMA. She highlights that there is a high likelihood that Fed raising 25bps at July FOMC meeting (88% probability per CME); but any further hikes will be data dependent. She also goes over how sentiment, for the most part, has moved into excessive optimism territory. Based on history, it can stay there for a while; but frothiness leaves market vulnerable if a negative catalyst appears. She then previews today's upcoming economic data which includes JOLTs, PMI Composite Final, and ISM Services. Tune in to find out more about the stock market today.