Messing around with the charts while watching the game and came across this.
The Hang Seng and Aussie/$ are important — sometimes leading and sometimes confirming – risk indicators that should be monitored.
The Hang Seng is our favorite “indicator species” for global risk appetite and its delta usually leads the S&P500. After the post crash peak in November 2010, the Hang Seng tumbled on concerns about a hard landing on the mainland and the terrible price action in the Shanghai Composite.
The Hang Seng has led the S&P500 since their June 4th 52-week lows, up 28.8 percent compared to 16.2 percent for the S&P500.
(click here if charts are not observable)