calm before the storm?

Back in Aug 08 the dollar launched higher while $SPX went into an upward skewed holding pattern waiting to see if the dollar would come back. It didn't, and soon there after the $SPX dumped. Looking at the overlay of the dollar and SPX it appears the same potential situation is at hand with the first thrust up in the dollar being doubted by investors. Bad news overseas could ignite phase 2 of the dollar rally and another dump in stocks.
The 1st Chart highlights the current market with Aug. 08.
I removed all the chaos from the one chart to show how we've come full circle and I believe are about to embark on the next leg down....