Does This Look Bullish? (SPX Priced in Gold)

This is a weekly chart of the S&P 500 priced in ounces of gold rather than in dollars. This is an update of a chart I'd posted previously with a detailed examination (see link in "Related Ideas" below). This is similar to how market data was viewed back in the 1930's as the dollar itself was a measure of gold . Some might say this is a way to remove the "Fed shenanigans" and see what's really going on in our market.

Nothing on this chart looks bullish for the S&P 500 . Priced in gold , we can see the S&P 500 bull market actually topped in 2018 and has been in a downtrend of lower highs ever since. We can also see from this chart that the 2020 crash rebound peaked in June and has been falling ever since. On this chart the S&P 500 is not nearing all time highs, it's down over -33% from its highs. The DJIA priced in gold looks similar, also peaking in 2018 and since June has been dropping back toward march lows.

Another way to view this data is that it's been better to own gold since 2018 than it has to own the S&P 500 . And gold's out-performance has been accelerating of late. Regardless if Fed stimulus can trick the S&P 500 into hitting new highs during a recession, Gold shows the truth.