At a glance stock market seems to be inflated and irrationally high (red). However, some of this is explained by dollar losing value fast during 2020 (green). Pegging SPY to GOLD (yellow), we can see that pre-pandemic crash levels have not been reached yet.
Comment:
Friday 15th dip in SPY is a good example of momentarily stronger dollar shaking SPY and other markets. Other examples are 2.9-12.9 and 23.10. Notably, this kind of effect is recent: prior pandemic crash dollar strenght has no or weak negative correlation with SPY. Perhaps now it shows a desperation in investors maintaining capital.