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The chart above reflects that the worlds “Least Loved Currency” and the S&P 500 have been moving in opposite directions over the past 90 days. Has this currency helped the S&P 500 rally? It’s possible!
The chart below reflects that hardly anyone loves this currency, with only 13% bulls.
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The worlds “Least loved” currency (YEN) finds itself at its 50% Fibonacci price level and the 20% decline since last fall has bullish sentiment setting at 13%. Could this be a set-up for a “short-term counter trend rally” to start from here?
If the Yen does rally, could the opposite take place in the S&P 500? Some goofy things have been taking place over the past few months…Dollar rallies with stocks….so who knows what correlated/non-correlated short-term actions might be in store for investors!
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