Amazingly now, downgrades are par for the course and the market virtually ignores them. However Italy has a bond auction today, could be a bit tricky. We are not going anywhere substantial in these markets so any outcome will be muted. The market is in a slow down trend, the Euro more so than the S&P.
Yesterday saw another a new low for Eur/Usd 1.2166 and that is where the pivot comes in today. Expect a test of that to establish a new low on our way to 1.1880
S&P bounced strongly off 1320 reaching a high of 1335. Either of these areas are a good sell or buy.