EUR/USD vs. SPX

While there's no real comparison between the longer term arbitrage levels of the Euro and the SPX (the Euro is much weaker than the SPX implying a regression to the mean when looking at the bigger picture), intraday something interesting is happening and unfortunately I couldn't get it out as fast as I would have liked, but the Euro has been implying a breakout in the triangle formations of the major averages.

 While the market has been in triangle consolidations all day, the EUR/USD has continued to trend higher since the US open, seen above at the green arrow. This arbitrage correlation would be positive for the market and the market (building tension like a spring) in those triangle consolidations was lagging the intraday strength in the Euro, which would suggest one thing, a breakout in the averages.

One just started.

Here's the SPY breaking above resistance and the bullish ascending triangle.