SP 500 and NDX Futures Daily Charts - US Debt Downgrade Looming?

Since the end of QE2 the stock market is down about ten percent.

Do not think that this is lost on Bernanke and the FOMC which meets next week.

After the bell there were stories that the US government is preparing for a sovereign debt downgrade by S&P.  See the blog entry above for details.

I am not so sure that they will formally announce a QE3 on Tuesday, but I think that it is a good bet