This Euro/SPX Correlation is Getting Ridiculous (Today’s Chart)

So far today, the movement for the Euro and the S&P 500 has been moving in lockstep. The chart below shows the 3-minute movement for each of these and how closely they are connected.

There are many reasons to believe that the de-risking along with de-leveraging has a good deal to do with it as well as the unwind of the Euro-based carry trade.

Whatever the reason, it is something to watch.