Overnight Market Move

I have a feeling this is more gamesmanship than actual smart money moving big positions around simply because these events to a large degree are nothing new, nothing that likely hasn't been discounted, but market movement is money.

In any case, if you're looking for reasons ES went from a full tilt move up at the close yesterday on a r Watch article about the F_O_M_C announcement tomorrow to the depths of despair seemingly overnight, it was all about the EU's final domino, Spain.

Here's ES overnight...

 In the after hours session Moody's downgraded 5 of Spain's Regions, so it's as simple as that, Moody's downgrades 5 Spanish Regions, they are likely to need more money as borrowing costs move rise because of the downgrade and the $18bn Eur Spanish Regions bailout fund has .8bn left in it, but that has been known since last week. This really isn't news, but the market will react and did.

Furthermore Spain is also reported to miss their EU imposed 2012 deficit targets (not really new news).
(EU open at the white arrow)

European open at the white arrow.

ES has a positive divergence, the first of the night in to the open.

Next market moving event comes tomorrow as the F_O_M_C meeting ends and they make their policy announcement.