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click chart to enlarge
I am embarrassed. Previous charts of this relationship were incorrect. They showed the S&P in euroyen terms, not yen terms. I apologize. The correlation is quite a bit tighter now. The weak dollar versus world currencies had been helpful during the recent rally. A weak dollar versus the yen is not helpful.
click chart to enlarge This divergence will not persist.
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click chart to enlarge
click chart to enlarge
click chart to enlarge
Market action is best described as man vs. nature with Yellen and the central banks taking on nature’s cycles. The banks have regained the upper hand, showing a mastery over the short-term Spiral Calendar points. But the Nature chart shows those points still having an effect, indicating we need to pay attention to them. I’ll post a detailed video update this evening for subscribers.
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click chart to enlarge
click chart to enlarge
New highs are not catching fire.
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Are the central banks regaining control of the runaway bus? An expanding Bank of Japan balance sheet in dollar terms does wonders for equity market health. And yet, various central banks tricks seem to come with an expiration date beyond which their effectiveness is sharply diminished.
click chart to enlarge 
click chart to enlarge