Schaeffer on Charts: S&P 500 Index Versus the U.S. Dollar Index
By Bernie Schaeffer
4/22/2003 5:18 PM ET
There was little correlation between the US Dollar Index (DX/Y) and the S&P 500 (SPX) until 1999 when they began moving in lockstep.
This may indicate that the strength of the U.S. market has come to depend on inflows from overseas. If so, we have a fundamental problem (these inflows are likely to continue to weaken) and a technical problem (the DX/Y chart is very weak).
One potential saving grace is that the U.S. Dollar Index peak lagged the SPX peak, so perhaps the S&P can begin to turn up before DX/Y bottoms.
- Bernie Schaeffer
"The point at which a competitor is pursuing the best possible strategy, given the strategies of the other participants" - John F. Nash
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