For simplicity's sake, let's say I'm only interested in trading the S&P. Does it make sense to calculate the real value of the index in terms of the dollar vs. a basket of other currencies(ie the dollar index)? Let's say the S&P stays at 1300 for a given period of time. Over that same time the dollar goes down 10%. Does this mean the index essentially gained 10% in "real value"? Would this mean the US companies are showing strength? Should I hedge every trade in the US using the dollar index? Or am I just overanalyzing this? I'm overthnking this because I spend money in the US anyway?