SPX * DXY yields a number in units per square dollar and might be meaningless. I’ve wondered whether it could be used to exaggerate patterns and trends, but remain uncertain.
Check out US10Y*SPX/DXY below. My thought is it might represent true dollar value of SPX after accounting for dollar strength (/DXY) and interest (*US10Y). What’s odd is it yields an almost cyclical chart whereby SPX recedes after reaching a certain value. Rather gloomy given it indicates an impending SPX recession/depression.