The Euro moved back into being the main catalyst for the market on Monday, as Euro-zone Industrial Production rose 0.8%. The Euro pushed above some key trading resistance levels, starting with the 21-day Fibonacci trading moving average. That line was at 1.2222. After pushing to 1.23, the index faded to close right at 1.2221. The catalyst for the pullback was obviously the Moody’s downgrade of Greek government debt. Since the US averages all rallied on the strength of the Euro, the gains were given up as the Euro faded. However, I would point out that the rally in each of the major indices took aim at some key resistance levels. The S & P edged just pennies above its June 3^rd high and a couple points below its 200-day moving average, which is at 1108. The Dow actually edged through its moving average of 10,313. This reinforces the technical resistance of these levels. It may have been slightly disappointing to see the gains erode, but unless the momentum builds, I think this will be part of the consolidation that we are hoping will come out of this week, as we prepare for the earnings season. Today, the Empire State Index on activity in the NY area for June is out. It is not nearly as important a survey as the Philly Fed later this week, but it is the first June reading on manufacturing. Expectations are for 20.06 versus 19.11 in May. What we want to see is that any weakness starts attracting buyers. If that’s the case this week, it will bode well for the anticipated summer rally.