As we all know by now, the U.S. credit rating was downgraded by Standard and Poors to AA+ from AAA. This news has caused further panic across the markets worldwide. The Asian markets plummeted sharply lower last night. The highly followed and popular Shanghai Index (China) traded lower by 3.78 percent. This index has lead the worlds stock markets over the past few years and now it is starting to lead the stock markets lower. Traders must continue to follow the Shanghai Index very closely over the next few weeks. This morning, the S&P 500 Index e-mini futures are trading lower by 27.75 points to 1170.25 per contract. The leading European markets are all declining lower by more than 2.00 percent across the board. This is going to be an ugly open.
