The ultimate technical indicator???

Is the St. Louis financial stress index the ultimate technical indicator? The Index, which measures a basket of interest rates, yields and indexes, has a spooky inverse correlation to the S&P 500. The graphic below overlays the $SPX on the Index:

Since 2002, the relationship between the two is uncanny. And since the Index is on the decline, that seems to call for more upside to the S&P.

 

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