When I look at your charts - I see more of the MCO and index moving in the same direction more than I see movement up or down based on the MCO being above or below the zero line. It seems that the peaks and valleys would coincide if you show the chart with verticle lines drawn.
Right now it appears that the MCO is undecided which way it will move and this is translating to the same type of movement in the S&P - doesn't know if it wants to go up or down. Explosive move up or down next week - both will probably move in the same direction.
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