Morning Briefing – USD, OIL, Futures

Here’s the scoop on this morning Briefing – U.S. stock index down after rating agencies said they may downgrade Greece’s sovereign debt, reigniting concerns over possible defaults in the euro zone that have dogged markets in the recent week or so. Moody’s said a downgrade of 1 or 2 notches is possible in the next month. As a result Oil has dropped on the dollar rise. For today – the SPX is hitting right up against resistance. The likely move is going to be much lower and heading back down to near the lows from the recent bottom.

Today there’s the report on employment and Federal Reserve Chairman Ben Bernanke’s second day of testimony.