|Yes, but I had in mind how this relates to the SPX chart. A European investor holding US equities has been losing money this entire year -- USD fell this year quite a bit. Expressed in Euros, SPX had this year a fairly serious correction. In other words, it was making new highs mainly because its "measuring stick" has been shrinking. In the long term, all major currencies always keep "dancing" like this, it's not the first time... but in the intermediate terms, IMO these changes may "mask" rallies and pullbacks. |
When we look at any chart in US markets, it "includes" a superimposed inverse chart of the USD.