Ok, thanks.
Just tapped in $SPX:$USD on stockcharts, it isn't constant, but does smooth out the extremes a bit, and by sight it does seem to be travelling 180 degs out of phase for last 12 months.
To get closer to constant, prolly need to fit (SPX-A)*USD, as the variation in USD or SPX seems to be travelling on top of a large constant component within.
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