Large Spread Between US Bull Market and Euro, Very Concerning

As you can see in the chart last time a spread between SPY and Euro of this magnitude was during 2000 Tech Bubble Peak. What you might also notice is the fact that in 2000, Euro bottomed while SPY hit an all-time high. If price action repeats we should see Euro capitulate and higher highs or a flat top for S&P 500 Index / SPY ETF. After SPY-Euro divergence is maximized the two would later reach an equilibrium.