! Key factor being disregarded during stock rally - The DXY

Today is the 30/7/2020. The S&P500 dropped even though the dollar index got slaughtered. If you weren't aware, the S&P500 show it's price in US Dollars. What does this mean? It means that when the dollar weakens, stocks should go up and the inverse for the opposite scenario. However, seeing the dollar getting weakened AND stocks dropping is very bad. This means that although the dollar got demolished, stocks STILL dropped. As soon as the dollar stops the downwards decline we will see a strong drop, perhaps even a second (smaller) leg down for stocks.