If you take the 495 stock of the S&P and adjust it for the USD recent devaluation... We're stuck below a 0.618 retracement, under the moving averages and below what seems to be a declining trend line So we basically have 5 companies are supporting the rally... with 4 of them being investigated by the congress... I wouldn't even try to look at it in gold or EUR terms.
Here is the formula: (SPX-(AMZN*501000000+FB*2851000000+MSFT*7571000000+GOOGL*1360327270)/8300000000)*TVC:DXY/100
PS: I like to adjust it for USD as it gives a better picture of the relative return for investors as for example in this case ,just holing euros would have provided a 9% return YTD.