---
title: Our global M2 proxy was flat last week, close to its record high level (the DXY index was flat too). The S&P 500 continues to catch up and suggests the relationship between the two is not broken.
description: "In orange: Global M2 with an 11 weeks lead\nIn dark blue: S&P 500 index\n\nProprietary model developed by our Head of Fixed Income Adrien Pichoud"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [Our global M2 proxy was flat last week, close to its record high level (the DXY index was flat too). The S&P 500 continues to catch up and suggests the relationship between the two is not broken.](https://blog.syzgroup.com/syz-the-moment/our-global-m2-proxy-was-flat-last-week-close-to-its-record-high-level-the-dxy-index-was-flat-too.-the-sp-500-continues-to-catch-up-and-suggests-th-1786977282095)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Aug 17, 2026, 2:36:04 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/our-global-m2-proxy-was-flat-last-week-close-to-its-record-high-level-the-dxy-index-was-flat-too.-the-sp-500-continues-to-catch-up-and-suggests-th-1786977282095)

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