The Euro and the S&P 500 have had a high correlation since July (see upper right inset chart). 

The Euro and the 500 index hit highs in September, 3 days apart, with the Euro high coming first! 

Now the Euro is back testing its 38% retracement level and falling resistance at (1). How the Euro handles Fibonacci and falling resistance will have much to do with the next big move in the 500 index!

Double Top in the Euro or a breakout?  Stay tuned!!!

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past