The SPX 500 sits about 9 points lower from Tuesday’s close on the S&P 500 (as of 7:55am ET). There was talk of an exit plan for Greece, which turned out to be a rumor. Risk is currently off as equities creep lower towards 1,300.

The USD has made a new high breaking above 10,170. As fear and uncertainty continue we should see the USD continue to rally against the risk pairs (AUD, NZD, and CAD). Meanwhile the BOJ has yet to intervene as the Yen continues to appreciate due to the European crisis (200 day moving average should be major support).

As we head into the NY open be sure to watch out for the release of US Home Sales at 10:00am ET. With the EU summit, there will be volatility throughout the day as we have already seen how quick the markets are to react.